Chinese employer to begin oil drilling in Uganda after Museveni’s approval
KAMPALA – China National Offshore Oil Corporation (CNOOC) and can start drilling 31 oil wells on 4 nicely pads on the Kingfisher discipline on the shores of Lake Albert.
This comes after President Yoweri Museveni on Tuesday commissioned the nation’s first of 4 oil wells to begin drilling because the nation eyes manufacturing in 2025.
The different three wells shall be hooked up at Tilenga.
Uganda found out crude oil reserves estimated at 6.5 billion barrels of which 1.4 billion had been recoverable almost 20 years in the past within the western area within the Lake Albertine basin, Kingfisher and Tilenga oil fields.
Uganda’s Head of State switched on the rig – an LR8001 deluxe land rig – hooked up in November 2022 on the Pad-2 website in Buhuuka village, Kibuube district.
Globally, the oil cost is round $87.5 per barrel. barrel, the Kingfisher task will account for 15 percentage of whole oil income to the authorities from upstream operations, equal to $6.9 billion for the complete task, or $360 million a yr, Ernest Rubondo, Executive. This was stated by the director of the Petroleum Authority of Uganda.
The French TotalEnergies-run Tilenga Project – which is able to produce 190,000 barrels of oil per day – will account for 85 percentage of the anticipated oil revenues.
The rig at Kingfisher will drill oil wells at various depths, the shortest of which is about 2.6 kilometers whilst the deepest is 7.4 kilometers, Mr. Rubondo and added that the oil discipline extends about three kilometers into the lake.
The task is anticipated to supply 40,000 barrels of oil per day by 2025, however CNOOC officers are optimistic they could supply the primary oil forward of schedule.