Correct! This is a Sewer Pipe.
What may look like a log used for timber, paper or firewood, is actually a piece of sewer pipe. Logs were connected one after the other after they were hollowed out and tapered at one end. Using logs as sewer pipes was common practice up until the 20th century. But what makes this piece of sewer pipe even more interesting is that it dates back to the late 1600s and was found in London in the early 1900s when workers were digging underground.