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Tullow Oil and French Oil giant Total have today announced, entering into an agreement, through which Total shall acquire Tullow’s entire interests in Blocks 1, 1A, 2 and 3A in Uganda’s Lake Albert development project as well as its interests in the proposed East African Crude Oil Pipeline (EACOP). The deal is effective 1st January 2020. Under the terms of the deal, Total will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2, and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System. The transaction is subject to the…
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“I am extremely disappointed. No body gains from the paralysis of these Brexit like discussions.” These were the words of Dr. Elly Karuhanga, the Chairman, Uganda Chamber of Mines & Petroleum in response to news that French oil giant, had suspended indefinitely all planned activities on the $3.5 billion and 1,445 km East Africa Crude Oil Pipeline (EACOP). Total SA is yet to release a formal statement, but an email from Total SA to Main Logistics Contractors on the EACOP, seen by this website, informed them that the “Project is now on hold as bid activity has been suspended indefinitely…
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Total SA has suspended, according to Bloomberg, a US-based online news agency, all planned activities on the $3.5b crude export pipeline. The pipeline, which stretches from Hoima District in western Uganda to Tanzania, is said to have been suspended after the collapse of a deal in which Tullow Oil Plc had hoped to dispose at least 21.7 per cent of its stake in Uganda to joint venture partners Total E&P and CNOOC. Bloomberg reported Wednesday, without providing more details that Total E&P had terminated all activities related to the 1,445-kilometer pipeline. It is not yet clear what impact the suspension…
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