RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

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 Rubondo commissioner for the energy ministry's Petroleum Exploration and Production Department, said only 40 percent of the basin had been explored so far and that estimated recoverable oil stood at 1.4 billion barrels.

Production of the discovered oil could last 20 to 30 years, and even more oil could be found, Rubondo said.

"Since additional exploration and appraisal is expected ... this could lead to additional resources being discovered in the country, hence prolonging the production period," Rubondo said.

Rubondo said Uganda was preparing for "open competitive licensing rounds" for the remaining acreage in the basin, but did not yet have a time frame for the process.

Ugandan officials say they aim to get better terms from explorers in future oil deals now that the country's exploration risk has been diminished by the discovery of more commercially viable oil deposits.

In a separate statement, the energy ministry said on Friday that the country had some 500 billion cubic feet of natural gas.

Ugandan oil officials have long suspected the presence of gas traces, but on Friday they confirmed publicly for the first time the existence of commercial natural gas deposits.

East Africa has been a focus of hydrocarbon exploration after substantial crude oil deposits were found in Kenya, although commercial viability has yet to be established. Major gas reserves have been discovered in Tanzania and Mozambique.

London-listed Tullow Oil, France's Total SA and CNOOC of China, are exploring for oil in Uganda. Tullow has estimated Uganda could earn up to $50 billion from its oil reserves.

reuters.com

Tags: UGANDA, OIL, GAS, TOTAL, CNOOC, CHINA
Chronicle:
UGANDA: 85% UP
2022, July, 5, 12:09:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
UGANDA: 85% UP
2022, July, 5, 12:08:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
UGANDA: 85% UP
2022, July, 5, 12:05:00
GLOBAL NUCLEAR SMR STANDARDIZATION
Senior nuclear regulators and industry leaders met for the first time under the IAEA’s Nuclear Harmonization and Standardization Initiative (NHSI) on 23-24 June to discuss roadmaps to accelerate the safe and secure deployment of advanced nuclear reactors, with a particular focus on small modular reactors (SMRs).
UGANDA: 85% UP
2022, July, 5, 12:00:00
RUSSIAN NUCLEAR FOR EGYPT
El-Dabaa - Egypt's first NPP - is to be built in the province of Matruh on the Mediterranean coast, about 300km north-west of Cairo.
UGANDA: 85% UP
2022, July, 5, 11:55:00
STRONG OIL VOLATILITY
Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI
UGANDA: 85% UP
2022, July, 5, 11:50:00
RUSSIAN LNG CONTROL
The decree created a new Russian firm that will take over all rights and obligations of Sakhalin Energy Investment Corporation.
UGANDA: 85% UP
2022, July, 5, 11:45:00
WORLDWIDE RIG COUNT UP 78 TO 1,706
The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.
All Publications »