Total: Uganda and Tanzania: Final Agreements for the Lake Albert Resources Development Project
April 12 2021 - 3:07AM
Dow Jones News
Regulatory News:
TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):
During a signing ceremony held yesterday in Entebbe, 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
representatives of China National Offshore Oil Corporation (CNOOC),
Uganda National Oil Company (UNOC) and Tanzania Petroleum
Development Corporation (TPDC), the partners of the Lake Albert
development project have concluded the final agreements required to
launch this major project.
The Lake Albert development encompasses Tilenga and Kingfisher
upstream oil projects in Uganda and the construction of the East
African Crude Oil Pipeline (EACOP) in Uganda and Tanzania. The
Tilenga project, operated by Total, and the Kingfisher project,
operated by CNOOC, are expected to deliver a combined production of
230,000 barrels per day at plateau. The upstream partners are Total
(56.67%), CNOOC (28.33%) and UNOC (15%). The production will be
transported from the oilfields in Uganda to the port of Tanga in
Tanzania via EACOP cross-border pipeline, with Total, UNOC, TPDC
and CNOOC as shareholders.
The agreements concluded today include the Shareholders
Agreement of EACOP and the Tariff and Transportation Agreement
between EACOP and the Lake Albert oil shippers.
These agreements open the way for the commencement of the Lake
Albert development project. The main engineering, procurement and
construction contracts will be awarded shortly, and construction
will start. First oil export is planned in early 2025.
All the partners are committed to implement these projects in an
exemplary manner and taking into highest consideration the
biodiversity and environmental stakes as well as the local
communities' rights and within the stringent environmental and
social performance standards of the International Finance
Corporation (IFC).
"The Tilenga development and EACOP pipeline project are major
projects for Total and are consistent with our strategy to focus on
low breakeven oil projects while lowering the average carbon
intensity of the Group's upstream portfolio. These projects will
create significant in-country value for both Uganda and Tanzania"
said Patrick Pouyanné, Chairman and Chief Executive Officer of
Total. "Total is also taking into the highest consideration the
sensitive environmental context and social stakes of these onshore
projects. Our commitment is to implement these projects in an
exemplary and fully transparent manner".
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and electricity. Our 100,000 employees are committed to
better energy that is more affordable, more reliable, cleaner and
accessible to as many people as possible. Active in more than 130
countries, our ambition is to become the responsible energy
major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE has no liability for their acts or omissions. In
this document, the terms "Total", "Total Group" and Group are
sometimes used for convenience. Likewise, the words "we", "us" and
"our" may also be used to refer to subsidiaries in general or to
those who work for them. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TOTAL
SE nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives
or trends contained in this document whether as a result of new
information, future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210411005052/en/
CONTACT: Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2021
(END) Dow Jones Newswires
April 12, 2021 02:52 ET (06:52 GMT)
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