Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  WTI       

WTI

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsMarketScreener Strategies

Uganda, Tanzania sign agreement for construction of crude oil pipeline

09/13/2020 | 07:15am EST

Tanzania and Uganda signed an agreement on Sunday paving the way for the construction of a crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said.

Uganda discovered oil reserves in 2006 and needs the planned 1,445-km (900-mile) East African Crude Oil Pipeline to be in place to start commercial production. The pipeline is estimated to cost $3.5 billion, according to the two governments.

Hassan Abassi, Tanzania government spokesman, said on Twitter that 80% of the pipeline will run through Tanzania.

Tanzania will earn 7.5 trillion shillings ($3.24 billion) and create more than 18,000 jobs over the next 25 years, or more, that the project is in place, Abassi said after the signing ceremony attended by Tanzania's President John Magufuli and Ugandan President Yoweri Museveni in Chato, northwestern Tanzania.

Uganda has not given a date for when construction of the pipeline will begin but said last year that once construction begins, it would take 2-1/2 to three years to complete.

The agreement on the pipeline construction comes days after French oil company Total said it had reached an agreement with Uganda protecting its rights and obligations in the pipeline's construction and operation - known as the host government agreement.

Total is the major shareholder in Uganda's oilfields after agreeing in April to buy Tullow Oil entire stake in the jointly held onshore fields in Uganda for $575 million.

Tullow said last week it was confident of finalising the sale in the fourth quarter of this year.

The other partner in the 230,000 barrel-per-day project is China's CNOOC.

(Reporting by George Obulutsa; Editing by Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED 1.98% 8.25 End-of-day quote.14.90%
LONDON BRENT OIL 1.30% 55.48 Delayed Quote.6.15%
NORTHWESTERN CORPORATION 1.60% 59.13 Delayed Quote.1.41%
TULLOW OIL PLC 0.96% 34.0349 Delayed Quote.13.93%
WTI 0.62% 52.645 Delayed Quote.8.19%
All news about WTI
06:55aInternational Energy Agency Cuts 2021 Oil Demand Outlook as Renewed COVID-19 ..
MT
06:31aEni's Majority-Owned Var Energi Wins 10 Exploration Licenses in Norway
DJ
06:26aNovatek Proved Reserves Edge Up in FY20
MT
06:22aNovatek Total Proved Reserves Rose 0.6% in 2020
DJ
06:10aWall Street Leans Forward Pre-Bell; Futures Green, Europe Up, Asia Rallies
MT
06:04aCredit Suisse Bumps Up Shell Price Target, Affirms Outperform Rating
MT
06:03aFACTBOX-Latest on worldwide spread of the coronavirus
RE
05:53aPetroTal Reaches Agreement With Petroperu Over Liability In 2020
MT
05:26aDNO Wins 10 Exploration Licenses In Norway
MT
05:18aKosmos Energy Reports New Oil Discovery At Winterfell Project in Gulf Of Mexi..
MT
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WTI
Short TermMid-TermLong Term
TrendsBullishBullishNeutral