REG-TOTAL Total: Uganda and Tanzania: Final Agreements for the Lake Albert Resources Development Project

TotalEnergies SEAnnouncement

12/04/2021 07:40

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Total: Uganda and Tanzania: Final Agreements for the Lake Albert Resources
Development Project

 

TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):

During a signing ceremony held yesterday in Entebbe, in the presence of Yoweri
Museveni, President of the Republic of Uganda, Samia Suluhu Hassan, President
of the United Republic of Tanzania, Patrick Pouyanné, Chairman and CEO of
Total, as well as representatives of China National Offshore Oil Corporation
(CNOOC), Uganda National Oil Company (UNOC) and Tanzania Petroleum Development
Corporation (TPDC), the partners of the Lake Albert development project have
concluded the final agreements required to launch this major project.

The Lake Albert development encompasses Tilenga and Kingfisher upstream oil
projects in Uganda and the construction of the East African Crude Oil Pipeline
(EACOP) in Uganda and Tanzania. The Tilenga project, operated by Total, and
the Kingfisher project, operated by CNOOC, are expected to deliver a combined
production of 230,000 barrels per day at plateau. The upstream partners are
Total (56.67%), CNOOC (28.33%) and UNOC (15%). The production will be
transported from the oilfields in Uganda to the port of Tanga in Tanzania via
EACOP cross-border pipeline, with Total, UNOC, TPDC and CNOOC as shareholders.

The agreements concluded today include the Shareholders Agreement of EACOP and
the Tariff and Transportation Agreement between EACOP and the Lake Albert oil
shippers.

These agreements open the way for the commencement of the Lake Albert
development project. The main engineering, procurement and construction
contracts will be awarded shortly, and construction will start. First oil
export is planned in early 2025.

All the partners are committed to implement these projects in an exemplary
manner and taking into highest consideration the biodiversity and
environmental stakes as well as the local communities’ rights and within the
stringent environmental and social performance standards of the International
Finance Corporation (IFC).

“The Tilenga development and EACOP pipeline project are major projects for
Total and are consistent with our strategy to focus on low breakeven oil
projects while lowering the average carbon intensity of the Group’s upstream
portfolio. These projects will create significant in-country value for both
Uganda and Tanzania” said Patrick Pouyanné, Chairman and Chief Executive
Officer of Total. “Total is also taking into the highest consideration the
sensitive environmental context and social stakes of these onshore projects.
Our commitment is to implement these projects in an exemplary and fully
transparent manner”.

About Total

Total is a broad energy company that produces and markets fuels, natural gas
and electricity. Our 100,000 employees are committed to better energy that is
more affordable, more reliable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, our ambition is to become the
responsible energy major.

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TOTAL SE directly or
indirectly owns investments are separate legal entities. TOTAL SE has no
liability for their acts or omissions. In this document, the terms
“Total”, “Total Group” and Group are sometimes used for convenience.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. This document may
contain forward-looking information and statements that are based on a number
of economic data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL SE nor any of its
subsidiaries assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this document
whether as a result of new information, future events or otherwise.

Total 

Media Relations: +33 1 47 44 46 99 l presse@total.com
(mailto:presse@total.com) l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com (mailto:ir@total.com)



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