TotalEnergies, CNOOC make final decision on $10 bln Uganda, Tanzania oil project – Reuters

TotalEnergies, CNOOC make final decision on $10 bln Uganda, Tanzania oil project – Reuters

KAMPALA, Feb 1 (Reuters) - TotalEnergies (TTEF.PA) and its partner China National Offshore Oil Corporation have reached a deal with Uganda and Tanzania to invest more than $10 billion in developing crude oil production in East Africa, the French group said on Tuesday.

"In the name of the joint venture partners and... TotalEnergies, I declare the final investment decision for the Lake Albert development project," TotalEnergies Chief Executive Patrick Pouyanne told a ceremony to announce the plan broadcast on television.

The project will cover the development of oil fields, processing facilities and a pipeline network in Uganda, plus an export pipeline through Tanzania to carry landlocked Uganda's crude to a port on the Indian Ocean.