Uganda’s Tilenga and Kingfisher petroleum projects, as well as a pipeline to carry their oil to Tanzania for export, are on track for first production by 2025.
The 1,445 km (898 mile) East African Crude Oil Pipeline (EACOP) that will transport crude from Tilenga and Kingfisher is also set to come online in 2025.
EACOP is co-owned by the government of Uganda, France’s TotalEnergies, China’s CNOOC and Tanzania’s Tanzania Petroleum Development Corp (TPDC).
‘Tilenga is still on track,’ UNOC CEO Proscovia Nabbanja says. ‘We’ve seen the three drilling kits being brought into the country. And equally Kingfisher is also on track. Three wells drilled so far on Kingfisher. For Tilenga, four wells.’
Uganda is in advanced talks with Chinese export credit agency SINOSURE to provide credit for the project, which will cost $5 billion (€4.7 billion), including the cost of credit, and 40% of the money will be raised through debt while the rest will come from equity.
Nabbanja said the pool of financing for oil and gas projects has been reduced due to climate concerns. But she adds: ‘We still believe we should be able to pull off the financing we require across the different projects.’
