Tullow Oil is to sell two-thirds of its interest in Exploration Areas 1, 2 and 3A in Uganda to CNOOC and Total for a total value of $2.9bn.
Tullow will retain a one third interest in the exploration areas.
Tullow previously signed a memorandum of understanding with Government of Uganda and the Uganda Revenue Authority.
Under the memorandum, Tullow and its partners CNOOC and Total have received new licences over Exploration Area 1 and Exploration Area 3A, as well as partnership rights to develop the Kingfisher discovery.
The firm and its partners will reactivate the exploration programme and appraisal drilling, and move forward their development plans for the basin.
Tullow Oil CEO Aidan Heavey said the firm with its partners and the Government of Uganda will now agree on a development plan for the Lake Albert Rift Basin with a target of delivering production of at least 200,000 barrels of oil per day.
