Uganda’s petroleum exploration and production department has put its estimated crude oil reserves at 6.5 billion barrels from the previous 3.5 billion barrels.
The department is quoted by Wall Street Journal saying that the new figures follow the appraisal of oil blocks held by Tullow oil, Cnooc limted and Total S.A.
“The increase in resources is an achievement given that with improved technology, the recoverable resources have potential to increase. It is also important to note that the current discovered resources can last 20-30 years.” WSJ quotes Ernest Rubondo.
The new figures would make Uganda the fifth largest oil reserver in the continent behind Libya 46.4 bbl, Nigeria 37.2bbl, Algeria 12.2 bbl and Angola 9.5bbl would make the lightly explored East African region highly attractive.