Tag: CNOOC

Engineering company McDermott receives conditional Letter of Award for Tilenga Project in Uganda

Frank

UGANDA – A consortium of a subsidiary of McDermott International and Sinopec International Petroleum Service Corporation announced it has received a conditional Letter of Award for the future contract valued at approximately US$2 billion from Total for the Tilenga project in Uganda. The Tilenga project is located in the Lake Albert Basin, Republic of Uganda and is the centerpiece of oil projects projected to bring investments of over US$10 billion to Uganda and Tanzania. Tilenga includes six oil fields and will feature 426 oil wells at full production and formal…

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Tanzania and Uganda finally sign the long-awaited US$15b oil pipeline deal

Frank

UGANDA – The governments of Uganda and Tanzania have joined oil companies Total of France and CNOOC of China in signing a series of accords that pave the way for the construction of a pipeline to carry crude from Uganda to Tanga port in Tanzania. The US$3.5 billion project led by Total and China National Offshore Oil Corporation (CNOOC) provides for the management of oilfields in the Lake Albert region in Uganda’s west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipeline…

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ExxonMobil postpones final investment decision on Rovuma LNG project once again

Frank

MOZAMBIQUE – American multinational oil and gas corporation Exxon has postponed for the third consecutive year the Final Investment Decision on the natural gas exploration project in Mozambique, putting the US$30 billion investment in doubt. According to Bloomberg news agency, which quotes the company’s Senior Vice President Neil Chapman, during a conversation with analysts, there is no forecast on when the investment decision will be made on the natural gas plant in the Rovuma basin, as the oil company needs to secure power supplies from the neighbouring plant operated by…

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Standard Bank hires an advisor to assess its involvement in the East Africa oil pipeline project

Frank

EAST AFRICA – Standard Bank of South Africa has hired an independent environmental and social advisor to help assess its involvement in Total’s East African Crude Oil Pipeline that environmental lobby groups have opposed, the lender has said. Approximately 263 civil society organisations from around the world, have urged the chief executives of 25 banks not to participate in loans to fund the construction of the US$3.5 billion East Africa Crude Oil Pipeline. They environmentalist have argued in an open letter that this pipeline would pose immense threats to local…

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Tanzania, Uganda sign deal on $3.5bn crude oil pipeline

Frank

TANZANIA – Tanzania and Uganda have signed an agreement to commence construction on a 1,445-kilometre crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said. The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. The pipeline is estimated to cost of $3.5 billion. According to Mr. Hassan Abassi, the Tanzanian government spokesman, 80% of the pipeline will run through Tanzania. The multi-national plan is…

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