“Many financial institutions have refused to underwrite this project and if TotalEnergies backs off, the government of Uganda would have a hard time funding this project, so we can win."
East African Crude Oil Pipeline (EACOP)
The NGO called on EACOP’s other two financial advisors, Standard Bank and the International Commercial Bank of China (ICBC), to drop the project.
A group of nonprofits is pushing Barclays Plc to retract an analyst research note they claim amounts to a “whitewash” of the environmental and social impact of an African oil pipeline being developed by companies including TotalEnergies SE.
"We urge Standard Bank and SMBC to reconsider their involvement in the East African Crude Oil Pipeline,” said Baraka Lenga, climate change activist based in Tanzania.
The complaint alleges Marsh failed to carry out adequate due diligence on the controversial pipeline, which will run from Uganda's west to the port of Tanga, in Tanzania.
“I told [the European Parliament] to go to hell!” Museveni said. “But I didn’t hear the French government making any trouble.”
Kingfisher will have around 20 production wells and 11 water injection wells, from four pads.
“There have not been any compulsory purchases of land so far,” EACOP managing director Martin Tiffen said, speaking earlier this week.
East Africa-focused financial services provider Britam Holdings has opted out of insuring a controversial pipeline project – in a move that has been hailed by opponents.
Extinction Rebellion has targeted a number of companies it sees as implicated in fossil fuel production, including service companies, financiers and a PR company.
CNOOC Uganda has erected the Kingfisher rig on location, in Uganda’s western Lake Albert, as drilling plans move ahead.
African states must defend the use of fossil fuels at the soon starting COP27, in Egypt, African Energy Chamber’s NJ Ayuk has said.
Developing oil and gas projects can be done in an environmentally sound fashion and can play a critical role in changing a country’s finances, according to Uganda National Oil Co. (UNOC) CEO Proscovia Nabbanja.
Uganda’s oil production plans were redesigned to reduce emissions and the environmental impact, an official from the state-owned oil company has explained.
Insurers should move faster away from hydrocarbon coverage, Insure Our Future has said. The group has suggested insurers may also seek damages from large emitters.
A proposed natural gas pipeline running from Tanzania to Uganda may have a positive environmental impact in a region where the majority of households still cook using charcoal or wood, according to Patrick Mweheire, Standard Bank Group’s regional chief executive officer for East Africa.
The European Parliament has criticised a proposed East African pipeline, calling for TotalEnergies to consider an alternative route.
The Islamic Development Bank (IsDB) has stepped up to provide $100 million of financing for the East African Crude Oil Pipeline (EACOP).
Oil companies and environmentalist activists see the same world in wholly differing ways. Rarely is this divide as stark as in discussions around the East African Crude Oil Pipeline (EACOP).
The East African Crude Oil Pipeline (EACOP) company has applied to the Ugandan government for a licence to begin construction.
Marsh McLennan has been identified as the insurance broker for the East African Crude Oil Pipeline (EACOP).
Projects backed by Standard Chartered in 2021 will emit 2.3 billion tonnes of CO2 over their lifespan, with Mozambique LNG to play a major part in this.
Munich Re will not insure the East African Crude Oil Pipeline (EACOP), throwing up another challenge for the TotalEnergies-driven project in Uganda and Tanzania.
Investments in Africa’s oil and gas risk undermining a move to lower carbon energy sources and are at risk of becoming stranded assets, according to a new report.
Four of South Africa’s five major banks have said they will not support the East African Crude Oil Pipeline (EACOP), in Uganda and Tanzania.