Uganda’s oil discoveries in three blocks have the potential to produce 100,000 barrels per day for the next 25 years, the Energy Ministry said.

The East African country has so far discovered deposits of about 2
billion barrels of crude, of which 600 million barrels can be
recovered, Robert Tugume, the ministry’s principal geophysicist, said
today in a phone interview from Entebbe, 34 kilometers (21 miles) east
of the capital, Kampala.

The finds in two of the three blocks are
jointly owned by Tullow Oil Plc, the U.K. explorer with the most
licenses in Africa, and London-based Heritage Oil Plc, Tugume said. The
third block is also owned by Tullow, he added.

At least 32 of the
34 wells drilled so far have located commercially viable oil deposits,
Tugume said. “More exploration is going on which could mean more
discoveries,” he added.

Uganda issued oil concessions to five
British companies and the remaining five blocks will be explored after
the enactment of a new oil and gas policy by mid- year, said Tugume.

Tullow
plans to start production next year with a targeted Ugandan output of
between 5,000 and 10,000 barrels a day by 2012, rising to 150,000
barrels a day within five years. Neptune Petroleum Uganda Ltd., a unit
of London- based Tower Resources Plc, and U.K.-based Dominion Petroleum
Ltd. are also exploring for oil in Uganda.

Source: Bloomberg

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