Petroleum Africa
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Tuesday, September 2, 2014
Uganda’s oil reserves have shot up according to an MP from Buliisa County, where the oil exploration has taken place. Buliisa MP, Stephen Birahwa Mukitale said during a symposium that the country’s oil reserves have reached 3.5 billion barrels following the recent drilling of 14 appraisal wells.
Uganda’s Commissioner for Petroleum Exploration and Production Department (PEPD), Ernest Rubondo, said while speaking at an industry event explained that in the past, calculating recoverable quantities had not been as accurate, since it has always been based on analogies from somewhere else in the world. However, he said, Uganda is now relying on its own data. “So far appraisals of 14 oil fields have been concluded and the companies have submitted applications for production licenses,” he said.
While the new estimates are impressive, the recoverable rate of those reserves is only between 1.2 billion and 1.4 billion barrels. It is not so clear why the recoverable reserves have not able to improve as markedly as the reserves in place figures but Rubondo said Uganda is going to take a closer look at new technologies that would help Uganda recover as much oil as possible.
Asked about the sudden rise in the reserves, Rubondo told The Independent that some of the fields were discovered to be broader, while more oil had also been encountered in additional layers of some of the fields during the appraisal process in the Albertine region.
It was also reported that Uganda will be hosting in a licensing round before the end of the year.
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