Tullow Oil said today it had not yet signed an agreement with any company over the sale of a stake in its Ugandan assets.
It was reported today that Chinese firm Cnooc had agreed to buy a $2.5 billion stake in Tullow's Uganda projects and will sign a deal today.
However, the exploration group will need Ugandan government approval for both the pre-emption of Eni's bid for Heritage's interest and for any deal that it makes with a new partner to develop the field.
Cnooc spokesman Jiang Yongzhi declined to comment. French explorer Total SA said last week it was also interested in teaming up with Tullow there.
Competition for new resources in Africa is heating up as traditional fields go into decline and nations from Venezuela to Russia curb access to resources. Tullow has drawn up a shortlist of partners to help with the estimated $5 billion cost of developing its Ugandan fields.
In January, Tullow exercised its right of first refusal over the blocks that it co-owns with Heritage Oil Plc in an effort to thwart an agreed $1.5 billion deal with Eni SpA, Italy's biggest energy producer.
Tullow, which operates in 15 African countries, plans to produce at least 5,000 barrels a day in Uganda in 2012, with output rising to 150,000 barrels a day within five years.
Additional reporting - Bloomberg