Heritage Asked to Pay Government $404 Million For Sale

At least 3 billion barrels of oil have been discovered in Uganda.

Uganda has asked Canadian multinational Heritage Oil to pay $404 million USD in income and capital gains taxes from the sale of two oil fields to British company Tullow Oil, according to Bloomberg’s Fred Ojambo.

The tax has been particularly contentious, and the Uganda Revenue Authority has been leading negotiations on the issues with Heritage Oil.  The Ministry of Energy and Mineral Development has

Earlier this year, Heritage sold the fields to Tullow for $1.5 billion USD.

Heritage announced that it would return a portion of the sale to shareholders through a special dividend, according to RTTNews.

Uganda’s government hopes to produce 200,000 barrels a day when production starts.

If you find this information helpful, please

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Tags: Bloomberg, Fred Ojambo, Heritage Oil, RTT News, Tullow Oil, Uganda oil, Uganda Revenue Authority

This entry was posted on Tuesday, May 18th, 2010 at 1:30 pm and is filed under More News. You can follow any responses to this entry through the RSS 2.0 feed.