Uganda gives 18% higher estimate for recoverable oil reserves

Reuters10-31

Uganda gives 18% higher estimate for recoverable oil reserves

KAMPALA, Oct 31 (Reuters) - Uganda's energy minister said the East African country's recoverable oil reserves were about 18% higher than previously estimated, without giving a reason.

Minister Ruth Nankabirwa said in a post on X on Thursday that recoverable reserves were now estimated at 1.65 billion barrels, up from 1.4 billion barrels.

A spokesperson for the energy ministry did not immediately respond to a request for comment about why the estimate had risen.

Uganda discovered oil near its border with Democratic Republic of Congo nearly two decades ago, but production has been delayed by a range of factors including a lack of infrastructure.

Commercial production from fields operated by TotalEnergies TTEF.PA and China's CNOOC 600938.SS is expected to start next year.

(Reporting by Elias Biryabarema;Editing by Alexander Winning)

((elias.biryabarema@thomsonreuters.com; Tel. +254 20 499 1232; Reuters Messaging: elias.biryabarema.thomsonreuters.com@reuters.net))

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