France oil major Total SA (TOT) is "eager" and "anxious" to commence the development of Ugandan oil assets, as it seeks to expand its African operations, a company executive said Wednesday.
France
oil
major Total SA (TOT) is "eager" and "anxious" to commence
the development of Ugandan oil assets, as it seeks to expand its African
operations, a company executive said Wednesday.
Sergio Matesco, Total's director with responsibility for Sub-saharan Africa,
told the East African Petroleum conference in Kampala that Total is ready
commence investments in the country's downstream industry, including in
refining, transportation and marketing.
"We are proud to have been recognized by Tullow Oil PLC (TLW) and the
government of
Uganda
as a
valuable investment partner for the future of this project," he said,
adding that Total has continued to make acquisitions in
Africa
, the
most recent ones being in
Ivory
Coast
, and
Mauritania
.
Last year, Total agreed a joint venture with Tullow and National Offshore Oil
Company (CEO) for the development of oil assets in three oil blocks. However,
the deal awaits government approval.
Mateso also said
Africa
remains an attractive market
for Total mainly due to its impressive growth rates in recent years, as well as
the rising energy demands.
"Our partnership with
Africa
spans
60 years and currently we have around 10,000 workers in
Africa
,"
he said.
Matesco further said Total plans to bring on at least eight new oil and gas
projects in
Africa
by 2015 and boost its current
African production, which stands at 450,000 barrels-a-day of oil.
According to Matesco, Total has also consolidated its marketing and
distribution business to become a market leader in
Uganda
following its acquisition of Caltex gasoline stations in the country in 2009.
Brian Glover, the Tullow Uganda unit general manager, said separately the
partners will invest at least $10 billion in the project, which will include a
refinery and 1,300-kilometer long pipe line to the East African coast for an
export project.
"Tullow has so far been very successful to attract big international
companies which can help in raising the required capital," he said.
Exploration companies have so far discovered at least one billion barrels of
oil in a 160-kilometer stretch in the
Lake
Albertine
rift
basin, and Tullow believes that another 1.5 billion of oil awaits to be
discovered in its license areas.
Talks over the approval of the joint venture and a tax dispute over Tullow's
purchase of Heritage Oil PLC (HOIL.LN) stakes in two blocks continue and an
approval is expected soon, according to
Uganda
's
energy and minerals Minister.
Last month,
Uganda
announced it's planning to build a $2 billion oil refinery to supply refined
fuel products for local and regional markets.
A government official said the refinery would be developed in three phases
under a public-private partnership arrangement.
The first phase is expected to produce at least 20,000 barrels a day of refined
fuel products such as diesel, gasoline and kerosene to supply the domestic
market.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01