Uganda reaches deal with Cnooc, Total, Tullow to develop oil sector

|By:, SA News Editor

Uganda reaches agreement with China's Cnooc (CEO), France's Total (TOT), and the U.K.'s Tullow Oil (TUWLF, TUWOY) to develop its oil sector, the country's energy and minerals minister says, ending a nearly three-year impasse and opening the way for a $15B investment.

The plan consists of a 60K bbl/day refinery, a crude export pipeline to Kenya's northern port of Lamu and a crude-fired electricity plant in Uganda's oil region.

Uganda contains sub-Sahara Africa's fourth-largest amount of oil reserves, behind South Sudan, Angola and Nigeria.