Uganda To Inject $22bn In New Oil Fields

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Uganda is expected to devote $15 – $22 billion to the development of oil fields and related infrastructure , Uganda’s Energy Minister, Irene Muloni has said.

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Talks aimed at launching the oil refinery, the export pipeline linking Kenya and Uganda and the electricity plant have been completed, according to Imara Equity Research in its latest report.

The report claimed that these discussions were between the Ugandan government and British oil and gas giant, Tullow Oil. Other oil and gas giants that are Tullow’s partners in this project, Total and China National Offshore Production Company (CNOOC) were also involved in talks.

In addition, the research report indicates that Uganda seeks venture capital to build another 60 000 bpd oil refinery in the western region of the landlocked Uganda.

Citing unnamed sources, the report said the government had shortlisted eight firms for the project in the western region of Uganda.

Tullow’s Executive Director, Graham Martin, reportedly said oil production in Uganda could average 220 000 bpd going forward.

Uganda is among the countries Tullow is targeting for oil production in the African continent, Martin added.

*Ventures Africa

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