4.6 C
New York
Friday, September 22, 2023

Uganda Finally Starts First Oil Drilling, Eyes Production In 2025


Share post:

President Yoweri Museveni on Tuesday ordered Uganda’s first oil rigs to begin drilling at the Kingfisher field on the shores of Lake Albert as the country hopes to produce in 2025.

The other three systems will be installed in Tilenga.

Uganda has discovered oil reserves estimated at 6.5 billion barrels, 1.4 billion of which were recoverable nearly two decades ago in the western region of the Lake Albertine basin and in the Kingfisher and Tilenga oil fields.

Mr. Museveni operated the platform – the LR8001 luxury platform – which was installed in November 2022 at the Pad-2 site in Buhuuka village, Kibuube province. 


It is operated by the China National Offshore Oil Corporation (CNOOC) and will start drilling 31 oil wells on four drilling platforms.

At current oil prices of about $87.5 per barrel, the Kingfisher project will account for 15% of total government revenue from oil exploration and production, which equates to $6.9 billion for the entire project, or $360 million annually, Ernest Rubondo, CEO. said the director of Uganda Petroleum Corporation.

Also, read; Nigeria Inaugurates 32mtph Lagos Rice Mill To Boost Country’s Planned Rice Revolution

France’s TotalEnergies Tilenga project – which will produce 190,000 barrels of oil per day – will account for 85 percent of expected oil revenues.

<strong>Uganda Finally Starts First Oil Drilling, Eyes Production In 2025</strong>

Mr. Rubondo said the Kingfisher platform will drill oil wells at different depths, with the shortest being about 2.6 kilometers while the depth is 7.4 kilometers, adding that the oil field stretches about three kilometers in the lake.

The project is set to produce 40,000 barrels of oil per day in 2025, but CNOOC officials are optimistic they can deliver the first oil early.

Uganda plans to export and refine oil and support industrial projects based on local petrochemicals.


Please enter your comment!
Please enter your name here

Get Our Stories First

- Advertisement -

Related articles

World Bank Suspends Funding to Uganda Amid Controversy Over Anti-LGBTQ Act

In a significant move, the World Bank Group announced on Tuesday the suspension of new public financing to...

Russia-Africa Trade Surges by 35% in 2023 Despite Global Challenges

Russian President Vladimir Putin announced a significant surge in trade between Russia and African countries during the first...

Tanzania Ranked Tenth on Africa’s List of Dollar Millionaires

Tanzania has emerged as the tenth wealthiest country in Africa in terms of high-net-worth individuals (HNWIs), boasting a...

SpaceX’s Starlink Satellite Internet Service Launches in Kenya

SpaceX's Starlink satellite Internet service has now become available in Kenya, according to an announcement made by Elon...