Investors commit $10 billion to pump Uganda's oil deposits
ABC News
Uganda and a group of investors have announced their decision to finally proceed with oil production following years of setbacks that threatened the East African country’s efforts to become an oil exporter
KAMPALA, Uganda -- Uganda and a group of investors on Tuesday announced their decision to finally proceed with oil production following years of setbacks that threatened the East African country's efforts to become an oil exporter.
The China National Offshore Oil Corporation and the French energy conglomerate TotalEnergies said Tuesday that the investment in Uganda would be more than $10 billion.
That sum includes about $3.5 billion to be spent constructing a heated pipeline linking oil fields in western Uganda to the Indian Ocean port of Tanga in Tanzania. At 897 miles, the pipeline will be one of the world's longest.
Uganda is estimated to have recoverable oil reserves of at least 1.4 billion barrels.
