Tullow to launch Uganda campaign
Tullow Oil plans to start new drilling operations on its concessions in
Uganda next month.
The British-based oil and gas exploration group will drill four wells
initially at Butiaba, in the Lake Albert basin, where Tullow has already
found oil in eight wells.
According to Reuters, Tullow will start drilling at the beginning of April.
Tullow has three concessions in the Albertine basin, which it believes could
double its worldwide reserves. It holds two of the blocks in partnership
with Canada's Heritage Oil.
The company sees potential to produce up to two billion barrels on its
concessions.
Tullow is also trying to secure rights to two oil-producing blocks on the
Congolese side of Lake Albert. The company signed an agreement with the
government in 2006 but the contracts are being challenged.
The company, which is due to begin pumping oil in 2009, would invest over
$200 million in Ugandan operations this year alone.
Tullow estimates it will pump some 4000 barrels per day once production
begins in Uganda.
Some of the oil produced will be sent to a power production plant in Uganda
that will operate on crude, heavy fuel oil and diesel.
26 March 2008 15:21 GMT
| last updated:
26 March 2008 16:44 GMT
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