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Uganda Owes Oil Companies $492 Million In Exploration Expenses

KAMPALA, Uganda -(Dow Jones)- The Ugandan government owes oil exploration companies at least $492.5 million for exploration activities along the country's western border with Congo, Uganda's Auditor General said Wednesday. The amount was invested by oil exploration companies in the Lake Albertine rift basin and is recoverable upon the commencement of oil production, as per the oil production-sharing agreements between companies and the government, the Auditor General said in a report. Oil exploration activities over the past eight years have found commercial oil and gas reserves in Uganda's Lake Albertine rift. Uganda has so far discovered around 1.5 billion barrels of oil in three blocks, operated by U.K.-based Tullow Oil PLC (TLW.LN) and estimates reserves at 2.5 billion barrels of oil. In February, Tullow completed the much-delayed $2.9 billion sale of a third of its stake in the three blocks to France's Total SA (TOT) and China's Cnooc Ltd. (CEO). The deal is expected to pave the way for the development of the oil fields, where production is expected to hit as much as 350,000 barrels of oil a day by 2018, according to company officials. Peter Lokeris, Uganda's junior energy and minerals minister told Dow Jones Newswires Wednesday that talks between the government and oil companies over the construction of a refinery and a 1,300 kilometer export pipeline to the East African coast are in the final stages. "We are still discussing the shareholding structure of the refinery with the companies," he said, adding that a national oil company will be set up to take care of the government's stake in the oil projects. Uganda has five unlicensed oil blocks which are expected to be auctioned later this year. Other exploration companies operating in the country include Dominion Petroleum and London-listed Tower Resources PLC (TRP.LN). -By Nicholas Bariyo, contributing to Dow Jones Newswires; 256-75-2624615; Nicholas.Bariyo@dowjones.com

Stock News for Cnooc (CEO)
DateTimeHeadline
10/14/201418:07:55ADR Shares End Mixed; Oil-Related Shares Decline
10/09/201418:22:12ADR Shares End Lower; Royal Dutch Shell, Total Shares Trade Actively
09/30/201418:03:23ADR Shares End Lower; America Movil, HSBC Shares Trade Actively
09/29/201417:44:48ADR Shares End Lower; Petrobras, Itau Unibanco Trade Actively
09/29/201409:20:12Uganda Seeks Data Consultants for Oil Licensing
09/29/201409:03:00Uganda Seeks Data Consultants Ahead of Next Oil Licensing Round
09/16/201401:00:20ASIA MARKETS: Hong Kong Stocks Continue Losing Streak After Weak...
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out
08/29/201405:10:08Uganda's Crude Oil Reserves Hit 6.5 Billion Barrels
08/29/201404:48:58Uganda's Crude Oil Reserves Hit 6.5 Billion Barrels-Government
08/28/201418:05:53ADR Shares End Lower; Oi Shares Active
08/18/201409:59:19Uganda Plans 250-Kilometer Oil Pipeline
08/04/201410:20:16Tanzania to Invest $1.2 Billion to Revamp Power Utility
08/04/201405:48:16Tanzania to Invest $1.2 Billion to Revamp State Power Utility
07/16/201401:00:49China Moves Oil Rig From Contested Waters
06/17/201419:14:07Canadian Government Approves Enbridge's Northern Gateway Pipeline...
05/28/201408:28:15Uganda Says 11 Oil Field Appraisals Are Complete
05/22/201411:30:11Cnooc, Gazprom Eye Tanzania Oil and Gas Blocks
05/22/201411:06:16China's Cnooc, Russia's Gazprom Eye Tanzania Oil and Gas Blocks

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