Uganda's oil estimated at 1 bn barrels

Feb 13, 2009 01:00 AM

An estimated 1 bn barrels of oil has been discovered in Uganda, an official from the ministry of Energy has said. Assistant commissioner Petroleum Exploration and Production department Ernest Rubondo told MPs that this was the volume so far discovered from over 20 oil wells in the Albertine region in Western Uganda.
"We expect the volume to increase as more and more oil explorations continue in other parts of the country," he said.

Rubondo, Energy ministers Daudi Migereko, Simon D'ujanga and other ministry officials were appearing before the natural resources committee to update MPs on the progress of petroleum exploration activities in the country. Rubondo told the MPs that the country's extraction capacity would, however, depend on the technologies that the Government plans to use.
"Rich countries which deploy good technologies recover about 60 % of the total oil in place. However, on average, most countries recover between 20-30 %. In our case, we have not established what is likely to be our extraction capacity but it will not be good to discover all that and you only extract 10 %," he said.

Asked to compare our oil discovery with other oil producing countries such as Nigeria and Angola, Migereko said: "Please do not compare us with other countries that have been in the business for long. Uganda is just starting."
Nigeria is the sixth largest oil producer in the world with an oil reserve capacity of 22 bn barrels. Angola, the largest oil producer in Africa, produces an estimated 1.5 mm bpd.

Migereko rejected some of the MPs' proposal to keep the discovered oil capacity a secret, saying it would improve Uganda's investment rating.
"It is not good to keep quiet when things are going on well. Ugandans must know. All information on oil exploitation is open to everyone including the revenue sharing agreements," he added.
Five international oil companies have been licensed to carry out the exploration.

Source / New Vision
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