Business
Uganda government signs agreements with several oil companies
The commercialization plan is based on the current discovered recoverable reserves in the country, estimated at a range of 1.2 to 1.7 billion barrels of crude oil. The energy minister went on to say, “My ministry is taking forward the development of Uganda’s refinery and is now acquiring 29 square kilometers of land in Hoima district for the project through implementation of a resettlement action plan.”
She also added, “The signing of the MoU is, therefore, a significant step towards the production of Uganda’s discovered oil and gas resources.” Uganda recently issued a production licence at the Kingfisher Field operated by China National Offshore Oil Corporation (CNOOC).
CNOOC has now commenced the development of the field, which is expected to take a period of four years before production can commence.
Source: The Africa Report
