• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 43 mins Reality catching up with EV forecasts
  • 15 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 6 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 12 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas

Uganda’s Oil Potential Arouses International Interest

The French Ambassador to Uganda has said that the exploration for oil in the country is a key opportunity for Uganda’s government to press ahead with its development agendas.

Speaking during celebrations to mark the French National Day in Kampala, Ambassador Aline Kuster-Menager said, "Exploitation of the country’s oil resources offers a unique and key opportunity for Uganda to boost its development with new and substantial financial resources," The Monitor reported.

ADVERTISEMENT

Recent discoveries of vast oil reserves, particularly the oil rich Albertine Graben, with estimated reserves of at least 2.5 billion barrels of oil, mean Uganda is set to become a key oil producer on a part with other African oil producing nations, such as neighboring Sudan, Angola, Nigeria and Equatorial Guinea. Some estimate place the Albertine Graben reserve as high as six billion barrels of recoverable oil.

ADVERTISEMENT

On the basis of such reserves, government analysts estimate that Uganda will be able to support production of over 100,000 barrels of oil per day for the next two decades.

To exploit these resources, the government has signed several leasing contracts with international companies. The French energy giant Total has been granted a large chunk of the rights of exploitation in the Albertine Graben.

The Tullow Oil exploration has already confirmed Albertine Graben reserves of 2.5 billion barrels of oil. As hydrocarbons have been encountered in 51 out of the 55 wells drilled by Tullow Oil, the developments have put Uganda's discovery rate at 92.3 percent.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News