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Friday, November 29, 2013
Tullow Oil’s Ugandan unit, Tullow Uganda, published its first country report. The report covers the progress the company has made since it entered the East African country almost a decade ago.
Since entering Uganda through its purchase of Energy Africa which gave it stakes in Blocks 1 and 3; and then its purchase of Hardman Resources giving it a stake in Block 2, the company has led an exceptional exploration program in the Lake Albert Rift Basin, achieving an 84% success rate since 2004, with 66 wells out of 79 finding oil. Those 66 wells have discovered 1.7 billion barrels of oil and established Uganda as an important oil nation.
Tullow has invested $2.8 billion to date in exploring for oil in Uganda and paid $142 million in taxes to the Ugandan government in 2012 alone. The local residents have benefited from the company’s activities in the country also as Tullow has spent over $200 million with 550 local Ugandan suppliers to date, invested over $12 million in social projects to date, and its workforce that is 88% Ugandan including its GM and over half of the country leadership team.
Jimmy Mugerwa, GM of Tullow Oil Uganda commented: “Uganda’s time has come, and it currently has a first mover advantage in East Africa to compete for the investment and technical expertise that will be required to develop the region, which is fast becoming a prominent potential player in the world’s energy market. Decisive action is now required in order to maintain that advantage.”
Aidan Heavey, CEO of Tullow Oil commented: “It’s almost a decade since we first risked our capital and invested in finding oil in the Lake Albert Rift Basin. We are proud of our achievements over those 10 years and wanted to document them in this report. We remain committed to investing in the long-term development of Uganda’s oil industry and to creating shared prosperity for the people of Uganda.”
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