Tullow Sees Ugandan Oil Production at 200,000 B/D
KAMPALA, Uganda (Dow Jones), Mar. 25, 2010
Uganda is expected to produce around 200,000 barrels of oil a day once the country's oil fields are developed, with the prospect of higher output when the country reaches full-scale oil production, the chief operating officer of U.K.-based Tullow Oil said Thursday.
Uganda's next oil development phase requires at least $5 billion to enable the country develop its downstream oil industry, Paul McDade told a business forum organized by the Uganda Chamber of Mines and Petroleum.
Up to $750 million has been invested in Uganda's oil exploration phase to date and Tullow, France-based Total SA, and Cnooc Ltd. are looking to invest more to develop the next phase of the oil sector, McDade said.
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