Total Is Poised to Make $5 Billion Bet on Uganda Oil Project
- Plan includes building pipeline, export terminal in Tanzania
- Rare frontier oil project comes as most majors cut spending
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Total SE is poised to go ahead with a $5.1 billion plan to tap more than a billion barrels of Ugandan crude and ship it across east Africa by pipeline.
The project, which could get the green light within days, is a rare example of a frontier oil development at a time when most major companies are cutting spending. It would also cement the French energy giant’s position as the leading player in Africa among major international oil and gas companies, even as the company says it’s making the transition to cleaner energy.