Uganda’s government has been locked in a long-standing battle with companies over the development of its 3.5bn barrels of oil, mostly located around the Albertine Graben.
So it is with some relief that last week a memorandum of understanding was finally signed with UK-based Tullow Oil, Total of France and China National Offshore Oil Corporation, providing a framework for commercial production which builds on an April agreement. Continue reading »
Tullow Oil, the London-listed oil exploration company, has made another Kenyan discovery to go with the finds in the country earlier in 2012 – but investors were hardly impressed, sending the shares down nearly 2 per cent, mainly on the depth of the oil.
The company announced on Monday that it had found oil at the Twiga South-1 well, which it owns 50-50 with Africa Oil. But it encountered only 30m of net pay (the thickness of the oil reservoir), a far cry from the earlier Kenyan find of 100m. Continue reading »