Tullow likely to seek new partners

Exploration group Tullow Oil is likely to recruit new partners to develop its Ugandan fields next month.

The Irish-based company has agreed to buy its partner, Heritage, out of its 50 per cent interest in two of three blocks which hold considerable oil reserves.

At the weekend Tullow exercised its rights to pre-empt Heritage’s sale of its interest to Eni.

The Irish company is in talks with potential partners who will be brought on board to build the infrastructure needed to get the oil to market, which will cost $5 billion, according to some estimates.

The company could recruit one or two partners, and is likely to choose the companies with which it wants to work next month.