Tax dispute forces Tullow Oil to abandon drilling in Uganda

first_img KCS-content Wednesday 10 November 2010 7:40 pm whatsapp Tags: NULL Show Comments ▼ Tax dispute forces Tullow Oil to abandon drilling in Uganda center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp EXPLORER Tullow Oil said a dispute with the government of Uganda had forced it to abandon drilling at two oil-rich blocks near Lake Albert and that it was unsure when this would recommence.The London-based company added that the government was wary of agreeing to a plan to decouple Tullow’s dispute from another, potentially lengthier, dispute between the government and Tullow’s former partner, Heritage Oil, which could delay a return to drilling.“We have no definitive timeline (for a resolution),” chief operating officer Paul McDade said.Tullow bought half-shares of two oil blocks from Heritage earlier this year, giving it 100 per cent ownership of three blocks which cover the Ugandan side of Lake Albert and which Tullow believes could contain billions of barrels of oil. Heritage refused to pay capital gains tax on the sale, which the government and Tullow said was due, and subsequently the government refused to renew the licences for Tullow which had planned to sell stakes to France’s Total and China’s CNOOC. The licence dispute has forced Tullow to halt operations at the blocks. last_img read more

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