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Eastern Africa

Final Investment Decision reached for Lake Albert Development in Uganda

TotalEnergies and China National Offshore Oil Corporation (CNOOC) have announced the Final Investment Decision (FID) for the Lake Albert Development project in Uganda.

February 4, 2022

By Staff Writer
At a total investment of approximately $10 billion, the FID follows a deal signed with the Ugandan and Tanzanian governments.  Following the discovery of crude oil reserves in the Lake Albert Rift Basin in 2006 and 2009 by Tullow Oil, as well as the considerable efforts made by Heritage Oil Plc.

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