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.
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.
(Reporting by Matthieu Protard; editing by Jason Neely)