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China's CNOOC to spend $2 billion on Uganda oil field, says official
September 25, 2013 / 12:42 PM / 4 years ago

China's CNOOC to spend $2 billion on Uganda oil field, says official

KAMPALA (Reuters) - China’s CNOOC (0883.HK) has been awarded a final production license for Uganda’s Kingfisher oil field and will spend $2 billion over four years to develop it, a senior Ugandan official said on Thursday.

The field, with an estimated 635 million barrels of reserves of which 196 million are recoverable, would produce between 30,000 to 40,000 barrels of crude per day, Uganda’s junior energy minister, Peter Lokeris, said.

Reporting by Elias Biryabarema; Writing by Edmund Blair; Editing by Louise Heavens

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