Uganda aims to start commercially pumping its oil reserves in April 2025, with China being considered a potential source of funds to develop an export pipeline.
Uganda aims to start commercially pumping its oil reserves in April 2025, with China being considered a potential source of funds to develop an export pipeline, authorities said on Tuesday.
Uganda seeks funding from China to develop an export pipeline before 2025.
It’s the first time the officials are specifically saying the month that the production will commence.
“I hope that by April 2025 we shall see the first oil,” energy minister Ruth Nankabirwa Ssentamu said at a conference in Abu Dhabi.
Uganda and Tanzania also have hopes to get funding for a crude oil pipeline.
The Tanzania president Samia Suluhu is expected to travel to china for the mobilization of resources.
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In February, TotalEnergies and its partner China National Offshore Oil Corporation reached a final investment decision to develop Uganda’s oilfields in the country’s west.
A resolution was passed by the European Union Parliament for Total Energies to delay the development of the Uganda oil fields as the world is looking forward to using non-renewable energy.
Critics have also been raised by people in Uganda as the Oil fields are inside a national park. But Museveni endorsed it, warning that he will not “allow anybody to play around” with “my oil.”
This comes at a time when the world is buying oil at higher prices because of the effect of the Ukraine and Russia War.
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