Having previously announced in 2010 that it had discovered commercially viable deposits of 2.5 billion barrels of oil in the country, Uganda has now confirmed the further discovery of an additional one billion barrels.
Through a combination of new discoveries and the ability to extract greater volumes of oil from existing wells the country’s deposits now total at least 3.5 billion barrels. To date a total of 70 out of 77 wells drilled have been confirmed as containing oil and gas.
Rather than exporting its oil, the policy of the Ugandan government has always been to refine the oil within the country to provide petrol, diesel and jet fuel. “As has been witnessed in the past, a nation’s security of supply for petroleum products enhances its competitiveness within world markets,” Ernest Rubondo, commissioner for petroleum exploration.
With companies such as Total, CNOOC and Tullow Oil already active within Uganda, the government’s focus has now turned to attracting other investors.
