Paris, Feb. 18 -- Total SA’s top executive said the company is trying to renegotiate its Uganda licenses to make up for 6 months exploration lost in a tax dispute between the government and Tullow Oil PLC's former partner Heritage Oil PLC.
The dispute concerns a 30% capital gains tax on the sale of Heritage Oil's blocks 1 and 3A in Lake Albert to Total and China National Offshore Oil Co.
Total Chairman and CEO Christophe de Margerie said that before paying for the exploration licenses, he must be certain exploration can be carried out for "an acceptable and reasonable period of time." He hopes an agreement is possible within a few weeks.
Total wants to renegotiate Uganda licenses