Uganda confirms more oil deposits
September 19 , 2012
Uganda has confirmed it has discovered an additional one billion barrels of oil in the country.
In 2006, the east African nation had announced the discovery of commercially viable deposits of some 2.5 billion barrels in its western region along the border with the Democratic Republic of Congo.
The commissioner for petroleum exploration, Ernest Rubondo, said that out of 77 wells drilled so far, 70 contain oil and gas.
Firms such Tullow Oil, Total and CNOOC already operate in Uganda.
The country is looking to attract more investors but changes to current licensing bills must first be made in parliament.
"Bills were passed before the presence of oil was confirmed and now the risk for commercial companies has reduced," Rubundo explained.