Uganda poised for oil breakthrough

Uganda is on the brink of becoming one of the main players in world oil production. The Lake Albert region of the country is home to an estimated 400m barrels […]

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By Joe Mainland

Uganda is on the brink of becoming one of the main players in world oil production. The Lake Albert region of the country is home to an estimated 400m barrels of oil.

The site covers an area of over 12,000 square kilometres which has been split up into three blocks. These blocks, Block 1, 2 and 3A, have been the stations of exploration for the last four years, with 30 wells being drilled in the exploration process.

British company Tullow Oil owns half of Blocks 1 and 3A, which are situated at opposite ends of Lake Albert, and the whole of Block 2 situated around Ngege. Heritage Oil, a production and exploration company, currently holds the other 50% of Blocks 1 and 3A.

Heritage has announced that it is to sell its half of Blocks 1 and 3A to Tullow after approval from the Uganda government. The deal is expected to be completed within eight weeks.