Uganda Raises Oil Reserves to 3.5 Billion Barrels on New Finds

Uganda raised its oil reserves by 40 percent to 3.5 billion barrels after two further discoveries last year, Commissioner for Petroleum Ernest Rubondo said.

The increase comes after the completion of appraisals of the two fields as well as 10 existing exploration fields, Rubondo said today by phone from Entebbe, near Kampala, the capital.

The two discoveries are in exploration area 1 and the existing 10 fields are in exploration areas 1 and 2

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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