Uganda faces 'hefty exploration bill'
04 April 2012 11:54 GMT
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28 March 2012 07:15 GMT
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14 March 2012 09:12 GMT
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24 February 2012 01:39 GMT
Tullow wraps up Uganda farm-out
22 February 2012 04:56 GMT
13 April 2012 14:25 GMT
The French major is to throw $300 million at exploration and
appraisal projects in two areas of operation in the East African country this
year, Dow Jones reported, citing a company executive.
Loic Laurandel, head of Total’s Ugandan subsidiary, revealed
the company’s plans in a presentation to a parliamentary panel on Friday, Dow
The $300 million kitty would be ploughed into at least seven
probes on Exploration Area (EA) 1 which Total recently took control over from
intensive appraisal program is being carried out in order to maximise the
potential of the block,” Dow Jones quoted Laurandel as saying.
Total is also
set to appraise three oilfields on the block, Down Jones reported.
Uganda’s government recently approved an over $2 billion
deal between Tullow, Total and China’s CNOOC to share three blocks in the
country which were then split into five blocks.
and its partners are working on an ambitious development program on the five
blocks," Laurandel continued.
investment costs of such global development should exceed $10 billion for the
upstream part only, most of this amount being spent by 2017."
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