TotalEnergies: Uganda and Tanzania: Launch of the Lake Albert Resources Development Project

Rhea-AI Summary

On February 1, 2022, TotalEnergies announced the final investment decision for the Lake Albert Development Project in Uganda and Tanzania, with a total investment of approximately $10 billion. This project includes the Tilenga and Kingfisher oil projects and the East African Crude Oil Pipeline (EACOP), expected to produce 230,000 barrels per day by 2025. TotalEnergies aims to implement sustainability measures and biodiversity action plans while focusing on local development, renewable energy, and low-emission strategies.

Positive

• Total investment of approximately $10 billion for the Lake Albert Development Project.
• Expected cumulative production of 230,000 barrels per day starting in 2025.
• Commitment to sustainability and biodiversity with action plans.
• Collaboration on renewable energy development, targeting 1 GW capacity.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

During a ceremony held in Kampala, in the presence of Yoweri Museveni, President of the Republic of Uganda, Philip Mpango, Vice-President of the United Republic of Tanzania, Patrick Pouyanné, Chairman and CEO of TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), and representatives of the China National Offshore Oil Corporation (CNOOC), the Uganda National Oil Company (UNOC) and the Tanzania Petroleum Development Corporation (TPDC), the Lake Albert Development Project partners announced the final investment decision and the launch of this major project representing a total investment of approximately $10 billion.

The Lake Albert development encompasses the Tilenga and Kingfisher upstream oil projects in Uganda and the construction of the East African Crude Oil Pipeline (EACOP) in Uganda and Tanzania. The Tilenga project, operated by TotalEnergies, and the Kingfisher project, operated by CNOOC, are expected to start producing in 2025 and to reach a cumulative plateau production of 230,000 barrels per day. The upstream partners are TotalEnergies (56.67%), CNOOC (28.33%) and UNOC (15%). Production from the oil fields in Uganda will be transported to the port of Tanga in Tanzania through the EACOP cross-border pipeline, whose shareholders are TotalEnergies (62%), UNOC (15%), TPDC (15%) and CNOOC (8%).

All partners are committed to implementing these projects in an exemplary manner, taking into consideration the environmental and biodiversity stakes, as well as the rights of the concerned communities, in accordance with the stringent performance standards of the International Finance Corporation (IFC). In this context, the land acquisition program is currently underway, incorporating areas of improvement identified by independent third-party reviews performed after the first phase of this program led in 2018-2019.

Furthermore, TotalEnergies is committed to implementing action plans that will have a net positive impact on biodiversity as part of the implementation of these projects. In close liaison with the authorities and stakeholders concerned with nature conservation in Uganda and Tanzania, these action plans will be implemented in collaboration with neighboring communities and under the supervision of an independent institution.

" The development of Lake Albert resources is a major project for Uganda and Tanzania, and our ambition is to make it an exemplary project in terms of shared prosperity and sustainable development. We are fully aware of the important social and environmental challenges it represents. We will pay particular attention to use local skills, to develop them through training programs, to boost the local industrial sector in order to maximize the positive local return of this project," said Patrick Pouyanné, chairman and CEO of TotalEnergies. "With today's signing of a framework agreement on renewable energy, we are laying the foundation to implement our multi-energy strategy in Uganda and contribute to people's access to energy.”

This oil development is in line with TotalEnergies' strategy of only approving new projects if they are low-cost and low emissions. In particular, the design of the facilities incorporates several measures to limit greenhouse gas emissions well below 20 kg CO2eq/boe, including the extraction of Liquefied Petroleum Gas for use in regional markets as a substitute for burning biomass, and the solarization of the EACOP pipeline.

TotalEnergies and the Ugandan Ministry of Energy and Minerals also signed today a Memorandum of Understanding (MoU) for the development of renewable energy with the objectives of developing 1 GW of installed capacity, promoting access to electricity and clean energy, supporting national climate change objectives through the deployment of carbon footprint reduction projects.

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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

@TotalEnergies l TotalEnergies l TotalEnergies l TotalEnergies

Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

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TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TotalEnergies SE

FAQ

What is the total investment for TotalEnergies' Lake Albert Development Project?

Approximately $10 billion.

What is the expected production capacity of the Lake Albert project by 2025?

230,000 barrels per day.

When is TotalEnergies' Lake Albert project expected to start production?

In 2025.

Which countries are involved in the Lake Albert Development Project?

Uganda and Tanzania.

What sustainability measures is TotalEnergies implementing for the Lake Albert project?

TotalEnergies will implement biodiversity action plans and focus on low-emission strategies.