Page 7 - AfrOil Week 35 2022

AfrOil PIPELINES & TRANSPORT AfrOil

EACOP will be 1,443 km long (Image: Petroleum Authority of Uganda)

#StopEACOP described Talanx’s decision as when questioned by reporters.
a victory for its cause, on the grounds that the EACOP is the midstream component of the
pipeline project would be complex and expen- Lake Albert Development Project (LADP), a
sive enough to require “substantial international $10bn initiative that aims to monetise Uganda’s
insurance and re-insurance to proceed.” as-yet untapped crude oil resources. It envisions
It also challenged Ugandan media reports in the construction of a 1,443-km pipeline from
which Ibrahim Kaddunabbi Lubega, the CEO Hoima in western Uganda to Tanga, a port on
of the country’s Insurance Regulatory Author- Tanzania’s Indian Ocean coast.
ity (IRA), was quoted as saying that the pipeline The conduit will carry oil from the Tilenga
was fully covered, thanks to the establishment of and Kingfisher oilfields, which France’s TotalEn-
a consortium of local insurance agencies. ergies and China National Offshore Oil Corp.
Kaddunabbi was quoted by the Nile Post, (CNOOC) are due to bring on line in 2025. The
the Independent and other sources as saying on fields will eventually see yields top 250,000 bar-
August 25 that the alliance, known as the Insur- rels per day (bpd), with more than 200,000 bpd
ance Consortium for Oil and Gas in Uganda flowing to world markets via EACOP.
(ICOGU), had ensured that the project was fully For its part, #StopEACOP opposes the pipe-
insured and re-insured. line on environmental grounds, arguing that
Steven Kaddu Mukasa, IRA’s manager in Uganda and Tanzania would be better served
charge of regulation, was more specific, saying by investments in renewable energy. It has also
that one of ICOGU’s member companies had expressed concern that the project will disrupt
been named as the lead underwriter for EACOP. ecosystems, wildlife and communities along the
He declined to reveal the name of that company entire 1,443-km route from Hoima to Tanga. ™

INVESTMENT
FAR Ltd acquires remaining 50% of equity

in Blocks A2, A5 from Malaysia’s Petronas

THE GAMBIA AUSTRALIA’S FAR Ltd revealed on August 26 The ASX-listed company had said earlier this
that it had bought 50% stakes in Block A2 and year that it was looking to farm down its work-
Block A5, located in The Gambia’s offshore zone, ing interest in the blocks and bring a new part-
from its partner Petronas (Malaysia), bringing ner on board, either to carry the cost of drilling
its stake in both sites up to 100%. The value of another exploration well in late 2023 or for a sale
the deal was not made public. of the entire package.

Week 35 01•September•2022 www. NEWSBASE .com P7