Business
Uganda seeking investor to develop oil refinery
Uganda’s Energy Ministry on September 25 awarded CNOOC the first production license to develop the Kingfisher area in the Albertine region at a cost of US$2 billion over four years. The area is estimated to hold 635 million barrels, of which 196 million barrels are recoverable. Kingfisher will pump 30,000 barrels to 40,000 barrels a day, the ministry said.
Tullow Oil and Total will get an oil-production licenses for other areas within “weeks,” Peter Lokeris, the minister of state for mineral development, said October 1.
Uganda is eyeing both local and regional markets for its oil products, Kasande said.
Landlocked Uganda is also negotiating with oil companies to build a pipeline to the Kenyan port of Lamu, according to the Energy Ministry said. President Yoweri Museveni and his Kenyan counterpart Uhuru Kenyatta agreed to develop the link in June, saying it would also have a loop to South Sudan.
Uganda has sub-Saharan Africa’s biggest oil reserves after Nigeria, Angola and South Sudan, according to the International Monetary Fund (IMF).
