Page 7 - AfrOil Week 12 2023

AfrOil PIPELINES & TRANSPORT AfrOil

The 216,000 bpd pipeline will be 1,443 km long (Image: EACOP)

A number of NGOs, along with local and Euro- The link will be heated to compensate for the
pean climate justice activists, have banded waxy nature of the crude, and it will be the long-
together under the #StopEACOP banner to est heated pipe in the world.
deman that international financial institutions CNOOC’s Kingfisher field and TotalEner-
(IFIs) publicly pledge not to provide debt financ- gies’ Tilenga field will eventually see yields top
ing for the oil pipeline. They have based their 250,000 barrels per day (bpd), with 216,000 bpd
argument on the IFIs’ public commitments to flowing to world markets via EACOP. The bal-
facilitating the energy transition. ance will be directed to a 60,000-bpd refinery in
EACOP is the midstream component of the Uganda, which will turn out fuels for consump-
Lake Albert Development Project (LADP), a tion in local and regional markets.
$10bn initiative that aims to monetise Ugan- Equity in EACOP Ltd is split between
da’s crude oil resources. It will carry production TotalEnergies (France), with 62%; Uganda
from the Tilenga and Kingfisher oilfields, which National Oil Co. (UNOC), with 15%; Tanzania
France’s TotalEnergies and China National Off- Petroleum Development Corp. (TPDC), with
shore Oil Corp. (CNOOC) aim to bring on line 15%; and China National Offshore Oil Corp.
in 2025. (CNOOC), with 8%. ™

INVESTMENT
Sierra Leone seeks partners to accelerate

offshore exploration and development

SIERRA LEONE THE Petroleum Directorate of Sierra Leone is and straightforward terms and a short applica-
looking for partners to accelerate the explora- tion-to-ratification period of 85 days, Mansaray
tion and development of its hydrocarbon-rich said.
basins. “We have only three non-negotiable terms:
Speaking to the African Energy Chamber a corporate income tax of 25%; a 10% royalty
(AEC) earlier this week, Foday B.L. Mansaray, for oil and 5% royalty for gas; and a petroleum
director general of the directorate, said the West resources tax,” he added. “The barriers to entry
African country wants to commercialise its oil are very low.”
and gas reserves to ensure energy security and He went on to described the country’s local
sustainability. content laws as strong and stated that capaci-
To attract foreign partners, Sierra Leone ty-building and skills development for Sierra
has reduced the red tape for oil companies Leoneans was a key part of the government’s
looking to enter the country and has simple industrialisation strategy..

Week 13 30•March•2023 www. NEWSBASE .com P7