Uganda discovers more oil
Posted Friday, August 29 2014 at 01:00
Resources are said to have increased from 3.5 to 6.5 billion barrels
The estimate of Uganda’s petroleum resource base has almost doubled with an additional three billion barrels in the Albertine region, the commissioner of Petroleum Exploration and Production Department (PEPD) has revealed.
Mr Ernest Rubondo said the country’s oil resources increased from 3.5 to 6.5 billion barrels while the recoverable oil scaled up slightly, from 1.2 billion barrels to 1.4 billion barrels.
“The new figures were arrived at after evaluation of data collected from the fields during appraisal,” he explained. “Previously the recoverability was calculated based on analogues, other fields in the world and a 30 per cent average.” The commissioner stated the ball was now in Uganda’s court to think and come up with technology to develop its oil resources.
He made the announcement recently at a conference organised by LeO Africa Forum in Kampala under the theme “Resource Management: Making Oil Work for Africa”.
Mr Rubondo further stated the country was likely to produce oil beyond the commonly known 30 years timeline. The 30 year period, he clarified, is used only in reference to the oil resources in the country’s 21 discovery wells. He said the much awaited forthcoming licensing round is expected to bring on board new oil resources which will extend the timeline of Uganda’s production of oil beyond the 30 years.
Without revealing dates for the next licensing – because he is not mandated, Mr Rubondo said PEPD is undertaking preparations for it.
“We have been tasked to identify the areas that will attract a lot of interest and start assessing them. The government wants to get a good idea of the resources in the areas to be licensed,” he stated. “Many companies have expressed interest in participating in the licensing,” he added. He said the fresh licensing is not going to be of the entire Albertine Graben.