Tullow, Total Issued 8 Oil Production Licenses in Uganda
30 August 2016 - 8:17PM
Dow Jones News
By Nicholas Bariyo
KAMPALA Uganda-The U.K.'s Tullow Oil PLC (TLW.LN) and France's
Total SA (TOT) have been issued eight oil production licenses in
Uganda, as the East African nation seeks develop vast oil reserves
discovered a decade ago.
Tullow and Total are expected to invest $8 billion to develop
the oil fields, which will involve drilling more than 500 oil
wells, Irene Muloni, Uganda's energy and minerals minister said
Tuesday.
"Time for waiting is now over" Ms. Muloni said, adding that "oil
companies are expected to make final investment decisions on these
projects within 18 months and first oil is expected by 2020."
The development ends nearly six years of back and forth talks
with oil companies. Uganda's oil assets are believed to contain
some 6.5 billion barrels of crude.
The companies are expected to produce up to 230,000 barrels a
day of crude from the issued licenses, Ms. Muloni said.
Write to Nicholas Bariyo at Nicholas.Bariyo@wsj.com
(END) Dow Jones Newswires
August 30, 2016 06:02 ET (10:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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