Final Investment Decision (FID) Announced

On 01 February 2022, Total Energies EP Uganda, CNOOC Uganda Limited, the Uganda National Oil Company (UNOC), and the Tanzania Petroleum Development Corporation (TPDC) announced the Final Investment Decision on the Lake Albert Development. FID is the most crucial stage for developing a project that comes after a long-travelled road. It signifies the commitment by the participating oil companies to invest over US$ 10 billion making it the highest single value project in the country. The announcement marks the beginning of the detailed Engineering, Procurement and Construction (EPC) phase by the Joint Venture Partners and, therefore, a commitment to see first oil by 2025.