According to Argus, a market research institution, the Ugandan government has made a final investment decision on the Lake Albert oil field project and officially launched the construction of the project.
Nankabirwa, Uganda's energy minister, said that the signing of the final investment decision means that Uganda will realize oil production for the first time in 2025. With the construction and operation of Lake Albert oilfield, Uganda will usher in new economic development opportunities and may become an important crude oil producer in East Africa.
It is understood that Lake Albert oil field was discovered in western Uganda in 2006, with a total area of about 1518 square kilometers and proven reserves of more than 6 billion barrels. It is the first oil field with commercial exploitation conditions found in Uganda. Unoc, Uganda's state-owned oil company, has promised to jointly invest US $10 billion in the oilfield project with several other enterprises.