Uganda says it's evaluating applications for 10 oil fields

|By:, SA News Editor

Uganda's government says it received applications for the development of 10 oil fields in the Lake Albertine Rift Basin, and an evaluation process of field development plans and petroleum reservoir reports submitted by Tullow Oil (TUWLF, TUWOY) and Total (TOT) are in the final phases.

This is a major step forward for Uganda's oil industry, whose commercialization has been delayed for several years due to disagreements over development plans and tax disputes.

With the country's crude reserves estimated at 3B barrels, Uganda holds Sub Saharan Africa's fourth largest oil reserves, behind South Sudan, Angola and Nigeria.