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| Name | Symbol | Market | Type |
|---|---|---|---|
| Tullow Oil Plc (PK) | USOTC:TUWOY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.01 | -4.76% | 0.20 | 0.1799 | 0.2256 | 0.2134 | 0.1975 | 0.20 | 16,948 | 21:15:31 |
From Apr 2019 to Apr 2024
By Nicholas Bariyo
KAMPALA Uganda-The U.K.'s Tullow Oil PLC (TLW.LN) and France's Total SA (TOT) have been issued eight oil production licenses in Uganda, as the East African nation seeks develop vast oil reserves discovered a decade ago.
Tullow and Total are expected to invest $8 billion to develop the oil fields, which will involve drilling more than 500 oil wells, Irene Muloni, Uganda's energy and minerals minister said Tuesday.
"Time for waiting is now over" Ms. Muloni said, adding that "oil companies are expected to make final investment decisions on these projects within 18 months and first oil is expected by 2020."
The development ends nearly six years of back and forth talks with oil companies. Uganda's oil assets are believed to contain some 6.5 billion barrels of crude.
The companies are expected to produce up to 230,000 barrels a day of crude from the issued licenses, Ms. Muloni said.
Write to Nicholas Bariyo at Nicholas.Bariyo@wsj.com
(END) Dow Jones Newswires
August 30, 2016 06:02 ET (10:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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