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Tullow, Partners May Invest $14 Billion in Uganda Oil Fields

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Tullow Oil Plc and its partners expect to invest as much as $14 billion developing oil fields in Uganda, General Manager Jimmy Mugerwa said.

Tullow, an exploration company based in London, is working with Total SA of France and China’s Cnooc Ltd. to develop fields that the government estimates contain 6.5 billion barrels of oil resources. Crude production may begin as early as 2017 and is expected to reach 200,000 barrels per day by about 2020, according to the World Bank.