KAMPALA Sep 5, 2006 (Dow Jones Newswires)
Uganda is expected commence oil drilling by 2010 following the recent impressive exploration results by Australian-based Hardman Resources Ltd. (HDR.AU), Minister for Energy and Minerals Development Daudi Migereko told Dow Jones Newswires Tuesday.
Migereko said that, based on the current exploration results, Uganda could produce an estimated 14,000 barrels of oil a day. The ministry is currently formulating a national gas and energy policy that will guide the oil exploration and exploitation, the policy is expected to be in place by the end of this year.
The Ministry of Energy and Minerals says Hardman plans to present an oil development program to the government by 2008, to secure a petroleum production license. For its part, the government says it is working hard to provide a peaceful environment to ensure that the oil exploration and mining companies carry out operations without any disruption.
As part of its move to develop the mining industry, the government has signed a $5-million contract with South African-based Fugro Airborne Surveys to conduct mineral surveys, Migereko said.
The survey, funded by African Development Bank, will be instrumental in reducing exploration risks and expenses. The data will be made public for all potential local and foreign miners to make decisions, he said.
Copyright (c) 2006 Dow Jones & Company, Inc.
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