Uganda¡¯s final investment decision was initially expected in 2015, but was delayed for another seven years. The reasons included tax disputes, negotiations among contract partners, the compensation and relocation of communities affected by the oil project, and oil price volatility.
Who owns the oil in Uganda?
Uganda entered into agreements in 2012 with two foreign oil entities to exploit its oil resources. Total Energies holds 56.67% of the joint venture partnership and China National Oil Offshore Company (CNOOC) has 28.33%. Through Uganda National Oil Company, the government owns the remaining 15%. Production is due to start in 2025.
Who owns the East African oil pipeline?
A pipeline company with shareholding from the Uganda National Oil Company (15%), the Tanzania Petroleum Development Corporation (15%), Total Energies (62%) and CNOOC (8%) operates the East African pipeline project. It is important that Uganda¡¯s oil gets to the global market at profitable terms.
How much oil is in Uganda?
Indeed, by 2008 when Uganda passed the National Oil and Gas Policy, the confirmed volumes of oil in place stood at 300 million barrels (a barrel is equivalent to 159 liters) whereas today the figure stands at 6.5 billion barrels.