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Thursday, May 15, 2014
Reports out of Uganda have the government repossessing an oil field belonging to Tullow Oil after the Irish oil firm allowed the time allowed to appraise the field to expire. Tullow said the field was not economical.
A statement posted on the Ugandan government website said the Ngassa field, which extends beneath Lake Albert and was formerly part of Block 2, has seen two wells drilled on it; one in 2007 and one in 2009. The wells showed oil and gas deposits, although the field needed to be appraised to determine its reserves and other details.
“Time provided to complete the appraisal work on this field expired and no further extension for appraisal was given by government,” said the statement posted on the Petroleum Exploration and Production Department website. “The Ngassa discovery therefore ceased to be part of EA (exploration area) 2 … this discovery area reverted to government.”
Ngassa would now be included in areas to be re-licensed.
Tullow Uganda’s corporate affairs manager, Conrad Nkutu, told Reuters the field had “been written off due to offshore appraisal and development currently being uneconomic.”
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