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Tag: Cnooc Ltd

Uganda to sign final oil deal with Total E&P and CNOOC on Sunday

Uganda to sign final oil deal with Total E&P and CNOOC on Sunday

Business, FEATURED, NEWS, Oil & Gas
Uganda will close the long-awaited Final Investment Decision (FID) with international oil companies Total E&P and CNOOC on Sunday.The decision will unlock billions of dollars of investment in Uganda’s oil and gas sector. Total chief executive Patrick Pouyanné, is expected in the country over the weekend, according to officials from Uganda’s energy ministry. The deal will also pave way for the construction of the 1440km crude export pipeline from Western Uganda to the Tanzanian Indian Ocean Port of Tanga, a key piece of infrastructure needed to get the east African country’s oil out of the ground and on to international markets. Tanzania’s President Samia Suluhu Hassan is also traveling to Kampala to take part in the three-way talks that should culminate in the signin...
Uganda tax deal paves way for Tullow sale to Total

Uganda tax deal paves way for Tullow sale to Total

Business, FEATURED, Latest News, Oil & Gas
Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. The Minister of Energy and Mineral Development has also approved the transfer of the equity, and the operatorship, in Block 2 to the French company. The government and the Ugandan Revenue Authority have approved the tax agreement. All governmental conditions have now been met, Tullow said. As such, the transaction should close “in the coming days” after certain customary steps have been completed. Total will pay Tullow $500 million on closing. The French company will then pay $75mn when it reaches a final investment decision (FID). Oil price movemen...
Uganda and Tanzania Sign $3.5bn oil Pipeline Deal

Uganda and Tanzania Sign $3.5bn oil Pipeline Deal

FEATURED, NEWS, Oil & Gas
Tanzania and Uganda have signed an agreement allowing for the construction of a 1,445 km (898 miles) crude oil pipeline. The $3.5bn (£2.7m) project will connect Uganda's oil fields to Tanzania's port of Tanga. The signing ceremony was attended by the presidents of both countries. Oil reserves were found in Uganda in 2006 but production has been delayed partly by a lack of infrastructure including an export pipeline. A start date for construction has not yet been announced for what is set to become East Africa's first major oil pipeline. But there are warnings the project could come at a huge cost to some Ugandan communities. More than 12,000 families risk losing their land and livelihoods, according to a joint report by the International Federation for Human ...
Total, Uganda Agree on Crude Pipe Issues to Pave Spending

Total, Uganda Agree on Crude Pipe Issues to Pave Spending

Business, FEATURED, Latest News, Oil & Gas
Total SA said it has agreed with Uganda on issues regarding the host government that will pave the way for a final investment decision for a crude export pipeline. The breakthrough regarding the 1,445-kilometer pipeline was agreed at a meeting between Ugandan President Yoweri Museveni and Patrick Pouyanné, the Total chairman and chief executive officer, and will pave way for the investment decision in the “coming months,” the company said Friday by email from the Ugandan capital, Kampala. Total is now seeking to conclude a similar host government agreement with Tanzania, whose territory the pipe will traverse, to complete the tendering process for all engineering, procurement and construction contracts, according to the statement. The French major is leading plans to build the co...
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