Ngongo
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- Sep 20, 2008
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Tanzania is set to benefit markedly from the discovery of oil in Uganda. A London-based oil prospecting company disclosed this week that Uganda was likely to export oil through Tanzania.
Tullow Oil Plc, which operates in 15 African states, said in a statement to British media this week it plans to produce its first oil from the Kasamene field in Uganda this year with output rising to at least 5,000 barrels a day in 2012 and then 150,000 barrels, according to estimates by McDade.
Then, Tullows Chief Executive Officer Aidan Heavey added: Detailed plans regarding field exploration, a refinery, power generation and a possible pipeline across Tanzania or Kenya to export oil, will be presented to Ugandas government within the next three weeks.
Tullow Oil Plc plans to bring in one or two partners to help with the estimated USD5bn cost of developing its Ugandan assets after derailing Eni SpAs attempt to gain a foothold in the east African nation.
Tullow, the UK explorer with the most licenses in Africa, wants to sell as much as 50 per cent of three combined blocks in the Lake Albert region, according to sources.
The Ugandans want to make sure that they have a number of firms involved in the energy sector, Tullows Chief Executive Officer Aidan Heavey said in a conference call this week. They dont want one company monopolising the whole industry, he said.
International energy producers are competing for assets in Africa as traditional fields go into decline and parts of the world such as Kurdistan remain difficult to exploit. Tullow exercised pre-emption rights on Monday over fields being sold by Heritage Oil Plc to Eni, a decision described by Heavey as pretty inevitable.
Tullow gained 2.2 per cent to 1,369 pence in London trading. The stock doubled in value last year. Heritage advanced 7.4 per cent to 552 pence, the highest since Oct. 14, while Eni rose 0.5 per cent to 18.45 euros in Milan.
The development of Ugandas Lake Albert assets will require investment of more than USD5bn over the next decade, Tullows Chief Operating Officer Paul McDade said in a telephone interview.
SOURCE: THE GUARDIAN
Tullow Oil Plc, which operates in 15 African states, said in a statement to British media this week it plans to produce its first oil from the Kasamene field in Uganda this year with output rising to at least 5,000 barrels a day in 2012 and then 150,000 barrels, according to estimates by McDade.
Then, Tullows Chief Executive Officer Aidan Heavey added: Detailed plans regarding field exploration, a refinery, power generation and a possible pipeline across Tanzania or Kenya to export oil, will be presented to Ugandas government within the next three weeks.
Tullow Oil Plc plans to bring in one or two partners to help with the estimated USD5bn cost of developing its Ugandan assets after derailing Eni SpAs attempt to gain a foothold in the east African nation.
Tullow, the UK explorer with the most licenses in Africa, wants to sell as much as 50 per cent of three combined blocks in the Lake Albert region, according to sources.
The Ugandans want to make sure that they have a number of firms involved in the energy sector, Tullows Chief Executive Officer Aidan Heavey said in a conference call this week. They dont want one company monopolising the whole industry, he said.
International energy producers are competing for assets in Africa as traditional fields go into decline and parts of the world such as Kurdistan remain difficult to exploit. Tullow exercised pre-emption rights on Monday over fields being sold by Heritage Oil Plc to Eni, a decision described by Heavey as pretty inevitable.
Tullow gained 2.2 per cent to 1,369 pence in London trading. The stock doubled in value last year. Heritage advanced 7.4 per cent to 552 pence, the highest since Oct. 14, while Eni rose 0.5 per cent to 18.45 euros in Milan.
The development of Ugandas Lake Albert assets will require investment of more than USD5bn over the next decade, Tullows Chief Operating Officer Paul McDade said in a telephone interview.
SOURCE: THE GUARDIAN