Uganda is poised to give final approval to Tullow Oil’s $2.9 billion sale of stakes in one of Africa’s most promising oil prospects to France’s Total and China’s Cnooc, spurring a project that a tax dispute and corruption allegations have long threatened to derail.

Irene Muloni, Uganda's energy minister, told the Financial Timesyesterday Cnooc and Total's so-called "farm-in" agreement was close to being finalised.

“We are on the final touches,” Ms Muloni said on the sidelines of a conference in Coventry organised by the Chatham House think tank.

The Irish exploration company, which wants to launch a $10 billion investment to develop the east African country’s oilfields, has waited months for final approval of the deal.

– Copyright The Financial Times Limited 2011