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Commodities Briefing - Categorized | Oil, Price Watch more

Uganda hopes to start producing oil by 2016

Posted on 25 June 2013

Uganda has announced that it could start producing commercial oil by 2016, great news for the East African nation who is looking to reduce its energy bill, and gain more independence and security. Currently Uganda, a landlocked country, must import all of its fuel, with the majority arriving via truck from the Mombassa seaport in Kenya, several hundred miles away. This method of transportation is unreliable and costly, and Uganda is hoping that by building its own refinery it will be able to dramatically reduce the imports needed.
Oil was originally discovered in Uganda back in 2006 by Hardman Resources of Australia, and reserves have been estimated in the region of 3.5 billion barrels. Production has been delayed due to a debate over the viability of building a local refinery………………………………………..Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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