On February 1, Uganda local time, with the announcement of the final investment decision by the Ugandan government, the first commercial oil discovery in Uganda, the Albert lake oil field project, with CNOOC as one of the operators, was officially launched for full construction.
On the same day, Ugandan President Museveni attended the joint official announcement ceremony. He said: “I am very happy to start the Ugandan oil field project and pay tribute to and congratulate CNOOC and total on their final investment decision.”
He said that the benefits generated by the oil field project are crucial to strengthening the economic development of Uganda and the region.
The Albert lake oil field project was discovered in the Albert Lake area in western Uganda in 2006. It is the first commercial oil discovery in Uganda. The oil field covers an area of 1518 square kilometers and the proved geological reserves exceed 6 billion barrels, thus opening the prelude to oil and gas exploration and development in Uganda and even the whole East Africa.
Chen zhuobiao, President of CNOOC Uganda, said that the company entered the Albert lake oil field project in Uganda through M & A in 2011. Phase I of the project will build two central treatment plants and 35 well pads, which are expected to be put into operation in early 2025. At present, the company owns 28.3% of the oil field equity.
The oil field project will also build the first 1443 km oil pipeline across Uganda and Tanzania in East Africa, providing an important guarantee for crude oil export.
With the construction and operation of Lake Albert oil field, it will bring new development opportunities to Uganda, which takes traditional agriculture and animal husbandry as the main economic source, and make it an important crude oil producer in East Africa.
With the announcement of the final investment decision by the Ugandan government, the first commercial oil discovery in Uganda – Lake Albert oil field project was officially launched and fully constructed.
“During the construction period and after the oilfield is put into operation, more than 20000 local jobs will be added in Uganda. While stimulating employment in Uganda, further strengthen the training of local oil and gas talents and the improvement of vocational skills, and increase the economic income of residents.” Chen zhuobiao said that the construction and operation of Albert Lake oilfield project will effectively promote the development of Uganda’s oil industry and promote the transformation and upgrading of local energy structure. The crude oil produced by the project will enter the international market through pipeline export, which will bring considerable economic benefits to Uganda and even East Africa and realize rapid social and economic development.
Over the years, CNOOC, rooted in Uganda, has become one of the Chinese companies with the largest investment scale and the largest amount in Ukraine. While vigorously promoting the development and construction of Ukrainian oil fields, CNOOC has helped local economic and social development.
It is reported that the company pays attention to localized operation and strengthens the long-term training and training of local contractors and oil talents in Uganda. At present, it has trained more than 150 oil and gas business contractors and trained more than 3000 oil and gas skilled talents.
Wang Dongjin, chairman of CNOOC, said that the Albert lake oil field project in Uganda is one of the important achievements in deepening China Africa energy cooperation. CNOOC will continue to strengthen the full cooperation with the governments and partners of resource countries, promote the early production of oil field projects with high quality, and make important contributions to the oil and gas supply and economic and social development of Uganda and East Africa. In the future, one belt, one road, will continue to strengthen resources investment in the “one belt and one road” countries, and form a win-win situation of cooperation and mutual benefit.
At present, CNOOC has carried out energy cooperation in more than 40 countries and regions on six continents, established a number of overseas oil and gas production bases, and entered oil and gas enrichment areas such as western Canada, the British North Sea and the Gulf of Mexico. The company’s proven recoverable reserves of overseas oil and gas are about 1.9 billion barrels of oil equivalent, and has oil sand and shale oil and gas resources. It has set foot in billions of ton “world-class” oil fields and oil and gas structures on both sides of Atlantic China Welding Consumables Inc(600558) .
