• China Wins $2-Billion Deal in Uganda


    KAMPALA, September 27, 2013 (AFP) – China’s state-owned CNOOC has secured a $2-billion deal to develop a petroleum field in Uganda and help propel the east African nation into the club of oil-producing countries, an official said Friday.

    “This is a major breakthrough as a country,” Uganda’s junior energy minister Peter Lokeris told AFP, confirming that a deal had been reached earlier this month with the China National Offshore Oil Corporation.

    “It is a milestone towards making us self-sustaining as far as oil and gas production is concerned,” he added.

    “The contractor among other responsibilities will be responsible for developing the Kingfisher oil field which should become operational in the next four years from now,” the minister added.

    Uganda has oil reserves estimated at 3.5 billion barrels but the path to production has been a bumpy one since deposits were discovered in 2006 near its border with the Democratic Republic of Congo.

    Such reserves have the potential to radically alter Uganda’s economy and could eventually as much as double the national income.

    Lokeris said he expected the initial output of the new Chinese-run field to be modest.

    “We expect to produce about 40,000 barrels of oil per day once the Kingfisher well is fully developed and operational,” he said.

    China has invested heavily in Africa’s oil sector to feed its energy-hungry economy.

    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)


    Loading ... Loading …

    Comments are closed

     
  • Christina Yu Yu, PhD, an expert in Chinese art and culture, began her new role as director of USC Pacific Asia Museum (USC PAM). Among her priorities for the museum will be recruiting a new curator to help with selection of exhibitions and to direct co...
    Happy New Year! Rose Parade Float Trophy Winners...
    The Greater Los Angeles County Vector Control District issued a warning to San Gabriel Valley residents to be on the lookout for an invasive species of insect called the Asian Tiger Mosquito (Ae. albopictus) which could be carrying a debilitating virus...
    The Ice House on September 11 will present Last Comic Standing finalist Lachlan Patterson for one show only....
    Local fine artist Sam Nicholson is donating 25 percent of any of his paintings purchased by supporters of the Pasadena-headquartered non-profit Hillsides....
     
     
     
    Directory powered by Business Directory Plugin