Cnooc of China Is Awarded Uganda’s First Oil Production License
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China National Offshore Oil Corp. won a $2 billion production license in Uganda, the first to be approved by the African nation as it seeks to tap reserves discovered seven years ago.
Cnooc will develop the Kingfisher area in the Albertine region over four years, Peter Lokeris, Uganda’s minister of state for mineral development, said today in the capital, Kampala. The area is estimated to hold 635 million barrels, of which 196 million barrels are recoverable.