Did You Know That Uganda is The Cheapest Place in The World To Find OIi?

The cost of finding commercial oil reserves in Uganda is less than a dollar compared to the global trends justifying increased investors’ appetite for petroleum exploration licenses.  

The commissioner in the petroleum and exploration department Ernest Rubondo disclosed that on the global scale the finding cost range between $5 and $25 per barrel.

He said
Uganda competes favorably with a finding cost of less than.. one dollar per barrel.

So far risk capital invested in seismic surveys, exploratory and appraisal drilling amounts to $1.4b.

And 20 oil/or gas discoveries have been so farm made with over 2.5 billion barrels of crude oil reserves in place.

It is estimated that over billion barrels oil equivalent is recoverable.

Interestingly less that 40% of the Lake Albert rift –with potential of oil and gas- has been exploited.

A total of 71 oil wells have been drilled and only three did not encounter hydrocarbon representing over 90% success discovery rate.

The discovered assets elevate Uganda in the league of oil producing countries like Peru, Trinidad & Tobago, Denmark, Italy and Romania in Latin America and Europe.

In Africa Uganda joins Chad, Congo Brazavile and Tunisa while in Asia, Uganda falls in the group of Brunei and Thailand.

MoBlog