TTE - Total Energies takes Final Investment Decision on $10b Uganda project

Total Energies (NYSE:TTE) and partners CNOOC (OTCPK:CEOHF), Uganda National Oil Company and Tanzania Petroleum Development Corp made the final decision to move ahead with the long-delayed Lake Albert development in Uganda. The project is anticipated to cost $10b, including a pipeline through Tanzania, produce 230kb/d and begin production in 2025. Total owns ~57% of the upstream assets, having acquired 33% from Tullow (OTCPK:TUWLF) in April 2020 for $575m; Tullow will receive $75m as a result of today's decision and stands to benefit from further earn-outs if Brent oil prices remain above $62. With Mozambique LNG delayed on account of security issues, the market will focus on progress and security for the Lake Albert project, to ensure the 2025 target for first production will be met.

For further details see:

Total Energies takes Final Investment Decision on $10b Uganda project