- Ugandan oil explorer, Heritage Oil and Gas has discovered one of the largest oilfields in northern Uganda, surpassing a Buffalo well discovered in December last year.
Giraffee-1 exploration well in the Lake Albert region in Amuru which the company claims it could be the largest onshore discovery in sub-Saharan Africa is expected to yield the company at least 400 million barrels of crude oil. According to the company's communiqué the Giraffe-1 well covers an estimated 48 square kilometres.
Heritage's chief executive officer, Tony Buckingham said the large Buffalo and Giraffe structure is a world-class discovery which could prove to be substantially more extensive than currently outlined, unlocking the multi-billion barrel potential of Block 1.
Mr Buckingham said they now had reserves way above the commercial threshold for development. He said 2009 will be very active as the developmental phase starts to take shape in the Albert Basin, alongside continuing well appraisal and exploration of the basin.
"Several other prospects and leads have already been mapped within Block 1 from over 600 kilometers of seismic data acquired over the past 18 months," he said.
According to local Newspaper, The Monitor, before the latest discovery, officials from Tullow Oil, a sister company Heritage had early this month told a local media that the oil reserves discovered so far on the Ugandan side of the Lake Albert rift basin were estimated at 1 billion barrels.
Uganda is expected to produce 40,000 barrels of oil per day when production by Tullow Oil commences in the fourth quarter of 2009. The company is expected to put up a mini refinery, from where it will process crude oil into HFO to be used by thermal power plants and modest diesel for market.
President Yoweri Museveni has said proceeds from the oil, if invested well, will pave the way for the next phase of Uganda's development.
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