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Uganda grants 1st permit to CNOOC
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The Ugandan government has issued its first ever oil production license to China National Offshore Oil Corp.
Peter Lokeris, state minister for energy, told a joint press conference with CNOOC on Wednesday that production is expected to start in 2017.
“It is an achievement for the oil and gas sector and the country at large that the efforts carved out under the tenure of the exploration licenses in the country are now maturing into the development phase of the petroleum value chain and progressing towards production,” he said.
“CNOOC Uganda Limited is grateful that the government of Uganda has approved the field development plan and the petroleum report of King Fisher, which in fact ushers in the phase of field development and indeed the planned key milestone for the development of King Fisher oil field,” said Jin Weigen, vice president of CNOOC Uganda.
CNOOC will have to invest over US$2 billion in the production process, including a 50-kilometer oil pipeline from Kingfisher well to Kabale, the site for the proposed oil refinery.
Although the Kingfisher well located in western Uganda is estimated to have over 630 million barrels of oil, experts say only 190 million barrels of that oil are recoverable. The recovery rate will be about 31 percent, slightly above the internationally known 30 percent, according to energy ministry officials.
After completion, the Kingfisher well will produce between 30, 000 and 40,000 barrels of oil per day.
Uganda’s discovered oil deposits total 3.5 billion barrels of oil.
Commercial production is expected to start in 2017 with the refinery producing a maximum of over 60,000 barrels of oil per day. The country will also export some of the crude oil that will be produced.
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