Wednesday, May 8, 2013

Uganda readies for oil production as MOU between gov't and explorer nears

Oil rig in Uganda. PHOTO/Tullow Oil

With an estimated 3.5 billion barrels of untapped oil reserves, Uganda is expected to join Nigeria, Angola and Sudan among sub-Saharan Africa's major crude producers.

Tullow Oil PLC is weeks away from an agreement with the Ugandan government on the final outline of a plan paving the way for investments of some $12 billion to develop the country's nascent oil sector.

The plan includes a 30,000 barrels a day refinery initially and an export

More details here...

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