exxonmobil corp. total sa, eyeing uganda oil, page-3

here is some related news to the title of this thread.
The big boyz want in, in Uganda.

Italian foreign minister to visit Uganda
Tuesday, 12th January, 2010 E-mail article Print article

By Raymond Baguma

THE Italian foreign affairs minister, Franco Frattini, is set to visit Uganda this week on an African tour that will include Ethiopia and Kenya.

According to a statement issued by the Italian embassy in Kampala, Frattini will be in Uganda on Friday.

Italy is focusing with new and closer attention on the African continent, in the conviction that there is a different Africa from the one traditionally depicted as a land of poverty, disease and endemic conflicts, the minister said in a message ahead of his visit.

He called Africa a continent with enormous potential in human capital, a major supplier of raw materials and a market of 900 million consumers.

Frattini also said Africa is a key partner in energy and security; as well as in combating climate change and terrorism.

His visit follows growing Italian interest in Ugandas recently discovered oil. The Italian oil giant Eni Spa wants to buy the stake of Heritage Oil in Ugandas two largest oil wells.

However, the deal is subject to approval by the Ugandan Government. The Irish company Tullow Oil, which co-owns the oil wells, has the first option to buy the shares under its agreement with Heritage.

Eni says it has the capacity to undertake the entire petroleum value chain, from exploration through refining to marketing and sale of petroleum products.

The company is active in 70 countries around the world. In Africa, it operates in Angola, Nigeria, Ghana, the Republic of Congo, Gabon and Mozambique.

However, the Italian company lost out in Kazakhstan, which had been the largest oil discovery in 30 years due to rising costs and delays in oil production.

Recently, Ugandan officials visited the Eni headquarters in Italy, and Frattinis visit is seen as a move to push the oil deal.