Browsing: Oil and gas industry

Oil and Gas- The Exchange

The anticipated East African Crude Pipeline project (EACOP) involving Tanzania and Uganda, has just been postponed by oil-goliath Total SA until further notice.

The reason given for the shelving of the project is due to a broken deal pertaining Tullow Oil Company failure to sell its stakes to Total SA and China National Offshore Oil Company (CNOOC), which occurred last week.

According to Reuters, a Ugandan official cited the project halt of the costly $3.5 billion with 1445km long, featured some marred issues, involving a taxing dispute with Uganda authorities.

“All East African Crude Oil Pipeline (EACOP) activities including tenders have been suspended until further notice because of the collapse of the deal” the official commented, under conditions of anonymity adhered.

According to a report by Bloomberg, Tullow Oil forcibly abandoned plans to sell a stake in Ugandan project and resume the deal afresh after-tax negotiations foundered the deal.

“The …