Total has written to Uganda assuring the country that it will not abandon the $3.55 billion heated crude oil pipeline through Tanzania after buying assets in neighboring Kenya. The news on the transaction between Total and Maersk Oil and Gas had caused panic in Uganda on the progress of the East Africa crude oil pipeline (EACOP)
Uganda has signed an oil exploration deal with Australia’s Armour Energy Limited, the first under a protracted competitive licensing round launched in 2015. The production-sharing agreement covers Kanywataba block, a 344-square-kilometre (133-square-mile) area in the Albertine rift basin near the border with Democratic Republic of Congo, officials said at the signing in the Ugandan capital Kampala.
OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million