Tullow said it hopes the Uganda government will approve the farm-down of its assets by the end of this year, paving way for a final investment decision and the issuance of engineering, procurement and construction tenders for local oil fields
French oil major Total E&P, the lead joint venture partner on the proposed East African Crude Oil Pipeline (EACOP), is “concerned” over the “slow progress” on the project, particularly from Uganda government officials in the Petroleum Authority and the energy ministry
Uganda will issue three exploration licences and sign Production Sharing Agreements (PSAs) with three oil companies that made it to the last round of the first competitive licensing process, opened in February 2015.
Uganda, Tanzania and the three Joint Venture (JV) partners, Tullow Oil Uganda, Total E&P and Cnooc, will later this month issue a request for proposals for a consultant to offer transaction advice on the proposed $3.55 billion oil pipeline.
Russia is looking for another homegrown company to finance and construct Uganda’s greenfield oil refinery, following the exit of RT Global Resources, the consortium led by Rostec, a state defence and technology corporation.