M a r k e t N e w s

Lake Albert Resources Development Project Reached Final Agreement, Confirms Total

Posted on : Thursday , 22nd April 2021

Total, China National Offshore Oil Corporation (CNOOC), Uganda National Oil Company (UNOC), and Tanzania Petroleum Development Corporation (TPDC), partners in the Lake Alberta development project, have completed the final agreements needed to launch the project in East Africa.

In the presence of Yoweri Museveni, President of the Republic of Uganda, Samia Suluhu Hassan, President of the United Republic of Tanzania, Patrick Pouyanné, Chairman and CEO of Total, as well as members of CNOOC, UNOC, and TPDC, the agreement was signed in Entebbe.

Tilenga and Kingfisher upstream oil projects in Uganda, as well as the construction of the East African Crude Oil Pipeline (EACOP) in Uganda and Tanzania, are all part of the Lake Albert production. Total's Tilenga project and CNOOC's Kingfisher project are projected to produce a combined production of 230,000 barrels per day at plateau. Total (56.67 percent), CNOOC (28.33 percent), and UNOC are the upstream partners (15 percent ).

The output will be transported from Uganda's oilfields to Tanzania's port of Tanga through the EACOP cross-border pipeline, which is owned by Total, UNOC, TPDC, and CNOOC.

These agreements pave the way for the Lake Albert development project to get underway. Construction will begin after the key engineering, procurement, and construction contracts are awarded. Early in 2025, the first oil export is expected.

Both of the partners are committed to carrying out these projects in an exemplary manner, taking into account the highest biodiversity and environmental stakes, as well as the rights of local communities, and adhering to the International Finance Corporation's strict environmental and social performance criteria (IFC).

“The Tilenga production and EACOP pipeline project are big projects for Total, and they are consistent with our policy to concentrate on low breakeven oil projects while reducing the average carbon intensity of the group's upstream portfolio,” Pouyanné said.

Both Uganda and Tanzania will benefit from these ventures because they will generate substantial in-country value. Total is also taking the sensitive environmental background and social stakes of these onshore projects very seriously. Our pledge is to carry out these initiatives in a professional and open manner.”

Source : www.exafnz.com
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