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Meanwhile, Tom Okurut, NEMA’s executive by filing suit in the East African Court of Justice.
director, stated that his agency intended to In court filings, the groups argued that work on
monitor the EACOP project closely in order to the project should not go forward because the
ensure that Total and other stakeholders upheld government of Uganda had not issued a cer-
the conditions of the certificate of approval. tificate of approval for the ESIA before signing
“Monitoring is a continuous process and will certain agreements on the project, as required
be undertaken during construction, operation under the East African Community (EAC)
and decommissioning phases,” he said. “This Treaty and other relevant international laws.
we shall do to ensure that the health, safety and The EACOP project is expected to carry a price
security of the communities, workers and the tag of $3.55bn.
environment are all respected.” When finished, the link will follow a 1,445-
NEMA’s approval of the ESIA came shortly km path from Hoima, a town in western
after four non-governmental organisations Uganda, to Tanga, a port on Tanzania’s coast.
(NGOs) from Uganda, Kenya and Tanzania It will be able to handle 216,000 barrels per day
attempted to block the construction of pipeline (bpd) of crude oil. ™

INVESTMENT
EBRD to support gasification in

Morocco with loan to SDX Energy

MOROCCO THE European Bank for Reconstruction and The operation will enable SDX Energy
Development has agreed to provide an up to Morocco to finance part of its $65mn capex
$25mn senior secured reserve based loan to investment plan to expand its operations in
SDX Energy Morocco, an oil and natural gas Morocco. It will also support the country’s
exploration and production company, to replace efforts to put gas, alongside renewable energy, at
inefficient and polluting heavy fuel oil burners the centre of its decarbonisation plan.
in Morocco’s Gharb region. SDX is a MENA-focused exploration and
The loan, which has a five-year term, will be production company and is listed on the AIM
split into two tranches. One committed tranche market of the London Stock Exchange. It has
of $10mn will be used to connect local private a balanced portfolio of production, develop-
sector companies to SDX Energy Morocco’s ment and exploration assets across Egypt and
existing gas fields in the Gharb region, and an Morocco and seeks to deliver value for share-
uncommitted tranche of up to $15mn will be holders by growing its low-cost, high-margin
contingent on the firm’s acquisition of further production profile. In Morocco, SDX has a 75%
gas assets in Morocco that could be monetised operated working interest in five exploration
through infrastructure investment. permits, all situated in the Gharb Basin. ™

Woodside pre-empts FAR’s sale

of Sangomar stake to India’s OVL

SENEGAL AUSTRALIA’S Woodside Petroleum has opted for $45mn. But on December 3, Woodside, the
to block the planned sale of a minority stake in operator of RSSD, revealed that it was exercising
RSSD, the joint venture set up to explore and its right to pre-empt the deal.
develop the Sangomar block offshore Senegal, Woodside has offered FAR the same terms
by FAR Ltd (Australia) to a subsidiary of India’s as OVL: a payment of $45mn; reimbursement
ONGC Videsh Ltd (OVL). for FAR’s share of working capital in the project,
FAR had agreed last month to sell a 13.67% including cash calls, between January 1, 2020,
stake in the Sangomar field and a 15% stake in and the date the transaction is concluded; and
the other areas of RSSD’s licence area to OVL the right to collect certain contingent payments.

P14 www. NEWSBASE .com Week 49 09•December•2020