VenturesNow

Uganda drills 74 wells before oil production

Published

3 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.

Related Topics:Featured Oil drill Uganda

Click to comment

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

VenturesNow

Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.