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2014-09-02 18:00:00

UGANDA: 85% UP

UGANDA: 85% UP

KAMPALA, Aug 29 - Uganda has revised upwards its oil reserves by 85 percent to 6.5 billion barrels after an appraisal that also showed commercial deposits of natural gas, officials said.

The east African country discovered commercial hydrocarbon deposits in the Albertine rift basin that straddles its border with the Democratic Republic of Congo in 2006.

Production has been repeatedly delayed since then by contractual disagreements, tax disputes and infrastructure setbacks and is now expected from 2017.

In a speech seen by Reuters on Friday, Ernest…

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Tags: UGANDA, OIL, GAS, TOTAL, CNOOC, CHINA
Chronicle:
UGANDA: 85% UP
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