Total’s Chief Finance Officer Mr Jean-Pierre Sbraire, told Reuters on Wednesday that it was a bit early for the company to confirm its final investment decision on the Uganda oil project.
He stated that Total is still committed to pushing through with the project but they have been held back by some issues with the Ugandan authorities.
Total’s plan for the project included buying some of Britain’s Tullow oil stake in the 230,000 barrel per day project but the deal was cancelled due to a tax disagreement with the Ugandan authorities.
These delays come after Total’s Chief Executive Officer Mr Patrick Pouyanne announced early last year that the Uganda oil project would be the company’s priority.
Total is a French Petroleum Company that operates along the entire energy value chain, from the exploration wells to their end clients all over the world.
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