The Ugandan government has revised its oil volumes to 6 billion barrels, down from 6.5 billion barrels earlier reported.
Energy Minister, Eng Irene Muloni said that the resources in these fields are now estimated at 6bn barrels of Stock Tank Oil Initially in place (STOIP) with 1.4bn barrels recoverable reserves, and 500bn cubic feet of Non-Associated Gas Initially in Place (GIIP).
The petroleum resources have reduced from the previously reported 6.5bn barrels to 6bn barrels while the recoverable resources have remained relatively the same at 1.4bn barrels.
“The change in the reported barrels is attributed to the resource optimisation studies which have been undertaken as part of the technical studies for the Tilenga and Kingfisher development projects,” Muloni said.
The Minisister added that the Albertine Graben is the principal prospective area for petroleum exploitation, with 21 Oil and Gas discoveries; of which 14 fields under development, with production licenses issued.
“The prospectivity of Uganda’s Albertine Graben presents a drilling success rate of over 85% against global average of 22% for the oil industry, with one of the lowest finding costs of less than $1 per barrel,” Muloni said.
She also reiterated that oil will not be flowing in 2020 as earlier projected.
“Therefore, the companies are expected to take Final Investment Decision in 2019, and the EPC for the projects to last up to 36 months, making the target for first oil 2021/2022,” Muloni said.
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