UGANDA SET TO JOIN MAJOR OIL PRODUCING COUNTRIES IN AFRICA

Uganda is set to commission its first commercial oil production drilling program.

The East African country has been keen on fast tracking its oil programs since last year, and has signed a couple of deals to this effect.

Last year, Uganda and its collaborators, TotalEnergies and Tanzania got into an altercation with the European Union on a pipeline project, which the EU declared environmentally harmful. Despite this, the country insisted on going ahead with its oil exploration.

As recently as this month, the country signed production-sharing agreements (PSA) for two oil exploration blocks between two oil firms, including a unit of Australia’s DGR Global (DGR.AX). Once again reiterating its commitment to making oil a major revenue stream for the country.

“Uganda will commission on Tuesday the first of its four planned oil drilling rigs and start drilling the first production well, its petroleum agency said, a key milestone as the country races to meet its target of first oil output in 2025.” According to Reuters.

“Today we mark another milestone and move a step closer to first oil with the launch of the drilling of development and production wells for the Kingfisher oil fields,” The Ugandan Petroleum Authority disclosed via Twitter.

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