Petroleum Africa
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Tuesday, January 28, 2014
Tullow Oil and Uganda have made significant progress in their negations and it is expected that they will soon sign an agreement that could pave the way for the start of production in the Albertine rift basin.
In a speech at a private function for Tullow and seen by Reuters, Uganda’s energy minister Irene Muloni said the government would shortly sign the MoU with Tullow, Total, and CNOOC. The MoU will lead to the development of some 2.5 billion barrels of discovered crude reserves and the construction of the required infrastructure such as a pipeline and a crude refinery.
The cost of the development taken on by the three firms could cost up to $22 billion, although Muloni said there were plans to reduce the price tag.
“Negotiations about this MoU are now fully complete and we anticipate its signing very soon. This is a significant milestone since the market framework is critical for the commitment of project financing,” she said. The MoU will lay the details of what facilities are to be put in place, the roles of the different parties, and the flow rates for oil fields before actual production can start.
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