PARIS – French major Total said on Monday and its partners have concluded final agreements to launch the Lake Albert resources development project in Uganda and Tanzania.
Source: Reuters
Total and partner China National Offshore Oil Corporation plan to exploit oil reserves in Lake Albert in Uganda and construct a $3.5 billion East African Crude Oil Pipeline (EACOP) to neighbouring Tanzania for export.
“These agreements open the way for the commencement of the Lake Albert development project,” Total said in a statement.
The company also said that main engineering, procurement and construction contracts would be awarded shortly, with first oil export planned in early 2025.
