President Yoweri Museveni has asked Russian President Vladimir Putin to encourage more Russian companies to invest in Uganda. Museveni asked the Russians to invest in Uganda’s Oil Refinery and the crude oil pipeline among others during the Russia – Africa summit that’s just been concluded.
Ugandan’s Kingfisher oil field is operated by China National Offshore Oil Corporation (CNOOC), as part of a joint deal with French oil giant TotalEnergies. Another oil field, Tilenga, is operated by TotalEnergies.
Kingfisher oilfield is expected to produce 40,000 barrels each day when production is at its peak, while Tilenga is expected to produce 190,000 barrels. Both form a key part of a major national project expected to be completed within two years.
Uganda is estimated to have recoverable oil reserves of at least 1.4 billion barrels. Drilling began in January this year (2023), the project is expected to be completed within two years
