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Uganda’s $10 Billion Oil Development Finally Gets Go-Ahead

  • Uganda expects production to reach 230,000 barrels a day
  • Final investment decision includes oil development, pipeline
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TotalEnergies SE and its partners reached a final investment decision worth over $10 billion to produce Uganda’s oil discoveries and build a pipeline that will turn the landlocked East African nation into a significant crude exporter.

The French major, along with Cnooc Ltd. and state-owned Uganda National Oil Company, announced the agreement that will bring output from the Tilenga and Kingfisher fields near Lake Albert and transport them through the planned East African Crude Oil Pipeline.