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Tuesday, Oct 1
Uganda to license chunk of oil reserves, sets sights on first crude
- Eight years after oil was discovered in Uganda, the country is about to award production licenses for at least six new oil fields, a milestone in its effort to become Africa's next big oil-producing nation.
- Uganda so far has issued just one license for production and that was just last week, when Cnooc (CEO) won permission to develop the Kingfisher field, paving the way for the Chinese company to proceed with the $2B project expected to produce 30K-40K barrels of crude when it comes on stream in the next three to four years.
- CEO, Tullow (TUWLF.PK, TUWOY.PK) and Total (TOT) are equal partners in a venture to develop all 20 of the country's fields.