A police vehicle escorts trucks loaded with crude oil from Ngamia 8 oil fields in Turkana County (file photo). Tullow Oil’s exit from East Africa is gathering steam after the firm signed a deal to sell all its assets in Uganda. In an announcement made Thursday, Tullow said it’s transferring its assets for Lake Albert Development project and the proposed East African Crude Oil Pipeline System to Total Uganda at $575 million (Sh57.5 billion). The British firm made the deal at a time it’s bidding for 20 per cent of the 50 per cent shares it owns in Kenya’s South Lokichar oil project. The transaction is likely to be concluded in less than two months. Tullow said the Ugandan deal is part of its plan to raise more than $1 billion, adding that proceeds would go to reducing debts and strengthening its balance sheet. “It is part of Tullow’s […]