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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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Total Expects Output at Ugandan Oil Project in Three and Half Years

06/14/2021 | 05:35am EDT

By Nicholas Bariyo

KAMPALA, Uganda--French oil company TotalEnergies SE hopes to commence oil production at its Tilenga oil fields in Uganda in the next three and half years after awarding the main construction contract for the oil project, Total's Ugandan unit said Monday.

A consortium of a McDermott International Ltd. subsidiary and state-controlled China Petroleum & Chemical Corp., known as Sinopec, will undertake the $2 billion contract to develop the 190,000 barrels-a-day oil project, which includes construction of five drilling packages within the oil-rich Lake Albertine rift basin along Uganda's western border with the Democratic Republic of Congo.

It is another step forward for the long-delayed development of Uganda's oil fields, weeks after Total signed a $3.5 billion deal for the project's export pipeline.

"The Tilenga project development phase has a target to achieve first oil in 43 months," Pierre Jessua, general manager of Total's unit in Uganda, said. "The launch of these contracts underscores our commitment to developing the Tilenga project while maximizing value and viability of the project," he said.

Some $10 billion is required to develop the oil fields and a 900-mile pipeline, Total said.

Total holds a majority stake in the project, which is being jointly developed with CNOOC Ltd. Exploration companies have discovered as much as 6.5 billion barrels of crude in Uganda and oil production could peak at around 230,000 barrels-a-day when commercialization starts.

Write to Nicholas Bariyo at nicholas.bariyo@wsj.com

(END) Dow Jones Newswires

06-14-21 0534ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORPORATION -0.82% 3.65 End-of-day quote.5.19%
CNOOC LIMITED -0.25% 8.09 End-of-day quote.12.67%
TOTALENERGIES SE -0.01% 35.635 Real-time Quote.0.95%
WTI -0.73% 71.959 Delayed Quote.48.80%
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Financials (USD)
Sales 2021 182 B - -
Net income 2021 12 978 M - -
Net Debt 2021 35 361 M - -
P/E ratio 2021 9,19x
Yield 2021 7,52%
Capitalization 111 B 111 B -
EV / Sales 2021 0,80x
EV / Sales 2022 0,80x
Nbr of Employees 105 476
Free-Float 93,9%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 41,94 $
Average target price 56,94 $
Spread / Average Target 35,8%
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Managers and Directors
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
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