China's CNOOC to Spend $2B on Uganda Oil Field, Says Official
|Wednesday, September 25, 2013
KAMPALA, Sept 25 (Reuters) - China's CNOOC has been awarded a final production licence for Uganda's Kingfisher oil field and will spend $2 billion over four years to develop it, a senior Ugandan official said on Thursday.
The field, with an estimated 635 million barrels of reserves of which 196 million are recoverable, would produce between 30,000 to 40,000 barrels of crude per day, Uganda's junior energy minister, Peter Lokeris, said.
(Reporting by Elias Biryabarema; Writing by Edmund Blair; Editing by Louise Heavens)
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