Uganda: Lake Albert oil project delayed?

Announced last week, the takeover by France’s Total of the British company Tulow Oil’s stake in the Lake Albert oil development project in Uganda is not expected to result in a significant resumption of activity on the site in the immediate future. In a note published on Tuesday, Conor Ward, upstream oil and gas analyst with the specialist firm GlobalDat, believes that « with the current context of oil prices and the Covid-19 epidemic, all the players in the project have reduced their spending budgets. It is therefore very unlikely that the investment decision for this Ugandan project will be made this year ». A delay which, according to the analyst, should result in a postponement of the start of production, originally planned for 2022.