Total gets strategic breakthrough in Uganda, East Africa
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Total gets strategic breakthrough in Uganda, East Africa

3:26 PM, 10th June 2011
Total gets strategic breakthrough in Uganda, East Africa
Christophe de Margerie, Chairman & CEO, Total.

PARIS, FRANCE: Total announced the acquisition of a one-third interest in Blocks 1, 2 and 3A in Uganda held by a subsidiary of Tullow Oil plc, for $ 1,467 million. Located in the Lake Albert region, these three licenses cover a total area of close to 10,000 square kilometres. Exploration and appraisal work has already discovered oil resources of over one billion barrels and Total estimates that the area’s remaining exploration potential is roughly similar.

 

Following this acquisition, Total becomes an equal partner with Tullow and CNOOC in the blocks. Subject to the decision of the Authorities, Total will be the operator of Block 1.

 

With this acquisition, Total entered a new oil province, getting access to substantial proven resources and high-potential acreage, the company informed. The size of the discoveries indicates that large-scale development may be possible. Plateau production could exceed 300,000 barrels per day, depending on the results of the future drilling programme.

 

The development plan being considered consists of installing production facilities around a principal production centre in the northern area of the basin and a secondary one in the southern area. The project also includes an export pipeline to carry the oil to the Indian Ocean to access international markets.

 

“This new partnership is in line with Total’s strategy as an integrated oil company. We have a long experience in Africa and a strong presence in East Africa. Total has been in Uganda since 1966, through its marketing operations where we hold 20 per cent market share,” said Christophe de Margerie, Chairman and Chief Executive Officer of Total.

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