By Ibrahim Kasita

TOTAL, a French oil company, has confirmed its interest to join the Uganda oil and gas industry.

Thierry Desmarest, Total’s board chairman, said on Bloomberg Television that they would be interested in working on a project in Uganda with Tullow.

“We have indicated that it could be interesting, but of course as usual, there is competition. To my knowledge, nothing has been signed,” he said yesterday.

Total and China National Offshore Oil Corporation are the top bidders likely to team up with Tullow, Paul McDade, Tullow’s chief operations manager, told The New Vision on Wednesday.

The two potential partners are due to make presentations to the Uganda Government in the next few weeks, he added. The Government has to approve any new entrant.

The Total boss considered the Ugandan project, which includes refining the oil in Uganda, economically viable.

Crude oil prices in the region of $70 to $80 a barrel are ‘‘really convenient,’’ Desmarest said.

“In terms of costs of imports for oil-consuming countries, it would be sustainable and for foreign producers, it would justify continuing to invest.’’

He believes that there will be an increase in the oil price in the mid-term.
Total is one of the six “Supermajor” oil companies in the world, operating in more than 130 countries.

Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing and trading.