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Uganda drills 74 wells before oil production

Published

4 months ago

August 22, 2024

In advance of its planned commercial production for the next year, Uganda has dug 74 oil wells in its two production areas, located in the country’s northern and western regions.

The wells were dug in the Tilenga and Kingfisher producing zones, according to Ruth Nankabirwa, Minister for Energy and Mineral Development, who made this announcement to reporters on Wednesday during a news conference in Kampala, the capital of Uganda.

Joint venture partners TotalEnergies E&P Uganda, China National Offshore Oil Company (CNOOC) Uganda Limited, and Uganda National Oil Company announced a final investment decision in 2022 to carry out many upstream projects on behalf of the government.

The East African Crude Oil Pipeline (EACOP), which will carry crude oil to Tanzania’s East African coast, the Uganda Refinery Project, and the Tilenga and Kingfisher producing areas are among the projects.

“Sixty-three out of the planned 426 wells have been completed (at the Tilenga project) with positive hydrocarbon shows in the targeted reservoirs,” said Nankabirwa.

“Drilling activities have been focused on six of the 31 well pads that will host the 426 producer and injector wells for the Tilenga project. All three rigs designated for drilling are operational and 63 wells have been drilled as of August 16, 2024.”

Seven other well pads are more than 85% finished and prepared to receive a rig, the minister continued.

According to Ms. Nankabirwa, 99.7% of the Tilenga Industrial Area’s construction is finished. This area will house the drilling support base, construction camp, central processing facility, and other facilities.

Nine of the eleven wells needed for the first oil to be drilled at the CNOOC Uganda Limited-operated Kingfisher oil field have already been drilled.

“The development plan (at Kingfisher) includes a central processing facility with a capacity of 40,000 barrels per day and the drilling of 31 wells across four well pads,” the minister said.

In January 2023, Ugandan President Yoweri Museveni began drilling at the Kingfisher Oil Field in preparation for commercial production.

The minister added that the EACOP construction contractor and China Petroleum Pipeline Engineering “had begun civil works at the pump stations, main camp and pipe yard sites in both Uganda and Tanzania.”

From Hoima District in western Uganda to the port of Tanga in Tanzania, the EACOP spans 1,443 km. According to the government, Uganda found 6.5 billion barrels of oil in 2006, of which 1.4 billion barrels are commercially feasible.

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Moroccan annual inflation rises to 0.8% in November

Published

4 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

5 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”