China Off Shore Company and Total are the two companies which have joined Tullow Oil in its mission to drill the oil which was discovered in Masindi. The companies are to contribute 2.9 billion dollars to the project.
Meanwhile, they are to pay 1.4 million dollars in taxes to Uganda before they are considered full partners to the project which Ande Owen has been optimistic about will begin early next year if all goes well.
In total, the project will cost about 10 billion dollars. According to Brian Clovers, the taxes that Total and COSC will contribute have to be paid in a period of ten days. “Uganda is a key asset to Tullow. We have worked with Ghana in Western Africa and now it is producing oil in large quantities. Tullow is the number one exploration company and we are privileged that those two companies want to work with us,” he said.