State-owned Uganda National Oil Company (UNOC) has identified nine potential oil wells in the Kasuruban block containing “significant new crude oil deposits,” the company announced on Tuesday.
The discovery could increase crude resources in Uganda’s Albertine Rift Basin, where France’s TotalEnergies (TTEF.PA), China’s CNOOC (600938.SS), and UNOC already operate two development fields expected to begin commercial production in the second half of next year.
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As per Reuters, UNOC acquired the 1,285 sq km Kasuruban exploration block in 2023 after signing a production sharing agreement (PSA) with the government.
In a statement on social media platform X, UNOC added that preliminary estimates indicate the nine potential wells could yield 600 million barrels of recoverable crude.
The company did not specify when the discoveries were made or provide further details. Uganda’s proven recoverable oil reserves currently stand at 1.65 billion barrels.
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Image Credit: Energy Solutions
