Uganda goes to the polls today in an election that is likely to see President Yoweri Museveni returned for a sixth term.
The Versailles Court of Appeal has found in favour of Total on its actions in Uganda, where the company is working on an oil production and pipeline plan.
On this week’s episode, in association with Fasken, the team looks at the return of RockRose Energy founder Andrew Austin to the North Sea fold, after he sold up his former firm for nearly £250m earlier this year.
Tullow Oil has completed the sale of its Ugandan assets to Total, receiving $500 million.
Total has no clear view on prices in 2021 and is taking a cautious stance on spending plans, the company’s CFO Jean-Pierre Sbraire said after the company published its third quarter results.
Total has reported adjusted net income of $848 million, with an organic cash breakeven below $25 per barrel.
The East African Crude Oil Pipeline (EACOP) has signed a host government agreement (HGA) with Tanzania, as plans for the Ugandan oil development near the finish line.
Total will face accusations of human rights violations over its activities in Uganda on October 28, in the Versailles Court of Appeal.
Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly.
Friends of the Earth France and Survie have accused Total of human rights violations in Uganda and Tanzania.
Total remains committed to developing hydrocarbon resources, but the cost must be sufficiently low to survive in a world of lower prices, the company’s chairman and CEO Patrick Pouyanné has said.
Tullow Oil has completed its twice yearly redetermination of its reserve-based lending facility, with $1.8 billion of debt capacity approved by lenders.
Tullow Oil produced 77,000 barrels per day of oil in the first half, in line with expectations.
Uganda National Oil Co. (UNOC) has invited companies to participate with it in the upcoming bid round.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
CNOOC Uganda will not pre-empt the sale of Tullow Oil’s stake in Lake Albert to Total.
Tullow Oil has declared force majeure at its site in northern Kenya, putting plans to sanction the project this year in jeopardy.
Work on the East Africa Crude Oil Pipeline (EACOP) is expected to begin in April following a final investment decision (FID), according to a budget speech from the Tanzanian Minister of Energy.
Tullow Oil has struck a deal to sell its entire stake in Uganda’s Lake Albert project to France’s Total for $575 million.
The African Development Bank (AfDB) has denied that it plans to support the proposed East African Crude Oil Pipeline (EACOP).
Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Tullow Oil has slashed spending in 2020 and set out major disposal plans in an attempt to weather the storm.
A court in France has found it does not have the right to hear a complaint against Total in Uganda, in an early blow to a new law.
Tullow expects to report pre-tax impairments and exploration write-offs of around $1.5 billion for 2019, as a result of a lower oil price forecast and a reduction in 2P reserves at the TEN project, offshore Ghana.
Congo Kinshasa is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.