Petroleum Africa
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Thursday, May 9, 2013
Uganda’s dream of becoming an oil producer is moving closer to reality. According to Tullow Oil the country is just one agreement away and that agreement should be completed in a few weeks.
The agreement pertains to the final outline of a plan that paves the way for $12 billion in investments in the development of crude resources discovered in the Lake Albert Rift Basin.
The plan includes a 30,000 bpd refinery initially, and an export pipeline to carry the crude from the oil fields that Tullow and its partners Total SA and China’s CNOOC Ltd. are developing. An agreement on the size of the refinery has already been reached but the details on the capacity of the pipeline are still being worked out. The actual route of the pipeline would be decided after the memorandum of understanding has been signed, Aidan Heavey of Tullow said.
“We’re really down to the fine print…The MoU is probably the most critical thing and the hardest thing to get done. Once that’s done then the rest is just process,” Heavey said, adding that the goal was to take a final investment decision on the project in 2014.
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