Related Articles
Forward article link
Share PDF with colleagues

Uganda oil start date in doubt despite crucial agreements

Pipeline deal with Tanzania and agreement with Total raise hopes of FID—but go-ahead could be delayed until 2022

Upcoming elections and doubts over financing for the world’s longest heated oil pipeline could scupper Uganda’s hopes of obtaining FID on its much-delayed Lake Albert crude project before year-end. Lake Albert was found to hold c.1.7bn bl of crude following Tullow Oil’s discovery of oil in 2006. The financially troubled Anglo-Irish Tullow, French major Total and Chinese NOC Cnooc each hold one-third stakes in the project—although Total agreed in April to buy out Tullow for $575mn: $500mn on conclusion of the deal, plus $75mn following FID. Tullow, which says the sale should be complete by year-end, would receive further payments if Brent prices rise above $62/bl.   The project’s viability

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Letter from Canada: Keystone XL’s demise a fiasco and opportunity
26 January 2021
The Canadian oilsands industry should now be clear where it stands and plan accordingly
Russia benefits from standing its ground in oil price grey zone
25 January 2021
Saudi sacrifice shows greater appetite for compromise in a price environment that is not win-win for the two Opec+ heavyweights
Oman runs hard to stand still
25 January 2021
The sultanate’s long-term oil ambitions are modest, but the urgent appetite for fresh gas supply remains
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video