Ugandan lawmakers Tuesday approved a motion compelling the government to stay the approval of U.K.-based Tullow Oil’s $2.9 billion sale of its interests in the country toFrance’s Total and China’s CNOOC amid tax disputes and graft allegations.
Lawmakers across the political divide voted to support the motion in an emergency session, which has also placed a moratorium on the signing of new deals in the oil sector until the 2010 oil bill is passed to regulate management of the sector ahead of production.
The development puts Tullow’s deal with Cnooc and Total on ice, until the end of investigations into allegations that Tullow made hefty payments to Ugandan government officials to sway key decisions in its favour.
