- After 15 long years of negotiations, the Final Investment Decision(FID) for the Lake Albert Development Project was announced in Kampala.
- International Oil companies TotalEnergies SE and the China National Offshore Oil Corporation (CNOOC) announced their commitment to invest US$ 10bn to develop the Kingfisher and Tilenga projects and the East African Crude Export Pipeline (EACOP).
- The construction phase of the project will start shortly.
After 15 long years of negotiations, the Final Investment Decision(FID) for the Lake Albert Development Project was announced in Kampala. International Oil companies TotalEnergies SE and the China National Offshore Oil Corporation (CNOOC) announced their commitment to invest US$ 10bn to develop the Kingfisher and Tilenga projects and the East African Crude Export Pipeline (EACOP). The construction phase of the project will start shortly.
Agreements to mark the decision, what is technically called the Final Investment Decision (FID) was signed at an elaborate ceremony attended by President Yoweri Museveni, Tanzania Vice President, Philip Mpango, Patrick Pouyanné, the chairman and CEO of TotalEnergies, and Chen Zhiobiao, the president of CNOOC Uganda Ltd.Tanzania is a partner in the East African Crude Export Pipeline (EACOP).
Ruth Nankabirwa, the Minister of Energy and Mineral Development said Uganda is now poised to achieve oil production by 2025. If the plans move as per schedule, Uganda will become Africa’s 11th petroleum producing country in about 36 months’ time. She explained that, to facilitate the FID, the Ugandan government had to take several steps. These included revising and amending the Production Sharing Agreements and income tax laws, concluding legislation surrounding the EACOP and facilitating the sale of Tullow Oil’s stake in Uganda’s oil sector. The project is expected to give a big boost to the Ugandan economy and also generate hundreds of jobs.
