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Since reaching FID in February 2022, Uganda has kicked off a massive oil drilling campaign with four oil rigs⏤ three of them at the TotalEnergies-operated USD4-5 billionTilenga Project in Buliisa and Nwoya districts, and one rig at the CNOOC-run USD2-3 billionKingfisher Project in Kikuube in the Albertine Graben. As of June 2024, TotalEnergies had made considerable progress in drilling over 35 oil wells with a projection of drilling 98 wells by the end of 2024. Seven oil wells had so far been drilled at the KingFisher Project alongside other engineering, procurement, and construction (EPC) works. Construction works for the USD5…
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Stanbic Bank Uganda, Uganda’s largest bank and a subsidiary of the Standard Bank Group, Africa’s largest banking group has said that it is still doing its own due diligence on financing of the East African Crude Oil Pipeline (EACOP). However, the bank added that it is as committed to strict adherence to global standards on environment and social safety, as it is committed to a just energy transition. Responding to a question during the just-ended presentation of the bank’s 2023 financial performance, held at the Kampala Serena Hotel on March 25, 2024, Paul Muganwa, the Head of Corporate and Investment…
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2024 will be a defining year for Uganda’s oil sector with several investment deals to be inked as the oil project nears its first oil in 2025. Noteworthy is that…
Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu has urged the house of bishops of the Church of Uganda to support the development of Uganda’s oil and gas sector, given the significant positive impact it is having, and will continue to have on Uganda. She made this call during a meeting with the House of Bishops, chaired by His Grace the Most Rev. Dr. Samuel S. Kaziimba Mugalu, the archbishop of the church of Uganda, that was held on 30th May 2022 at Bushara Island in Kabale District. “The oil and gas sector can enhance Uganda’s economic and social…
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