KAMPALA, Uganda, Feb. 4 (UPI) -- The Ugandan government announced its decision to approve an effort by Tullow to buy assets from its partners at Heritage Oil, ministers said.
Tullow owns assets in the Lake Albert region, and an acquisition of Heritage Oil's stake would give it full ownership of lucrative oil fields. Tullow executives maintain they have "no intention" of monopolizing the Ugandan oil industry, though the move requires government consent.
Heritage in December agreed to sell its assets to Eni, though Tullow has the right to pre-empt the deal.
Peter Lokeris, the Ugandan minister for mineral development, said the government appreciated Tullow's work in the country and its respect for national laws.
He said lawmakers have decided to consent to Tullow's pre-emption effort. "The decision is final," he told Uganda's New Vision newspaper.
The company announced several significant oil and gas finds in Uganda recently. Tullow in a January statement described the pre-emption process as "well advanced."
