Hoima
Oil explorers continue to register back to back oil discoveries in Bunyoro sub-region. Heritage Oil, one of the companies exploring oil in the Albertine region said it had encountered significant oil deposits at its Buffalo-1 well along the shores of Lake Albert.
The company said Buffalo-1 discovery on Uganda’s Block 1 could become the country’s largest oil field. “The findings at Buffalo-1 well are potentially the largest finding in the Butiaba region – and possibly in the entire country,” the statement dated December 16 posted on the company’s website reads in part.
The Heritage Chief Executive Officer, Mr Tony Buckingham, said with many prospects still available in Butiaba, the company is certain that the commercial threshold for development will be exceeded. “Drilling at Buffalo-1 encountered no oil-water contact, indicating the gross oil column could be significantly greater,” the statement reads.
According to the statement, based on seismic interpretation, further exploration and appraisal drilling could prove a very substantial accumulation of oil. Heritage Oil has other prospects mapped within the Block 1 exploration region that stretches across the districts of Hoima, Masindi and Bundibugyo.
Oil explorers have enjoyed back to back successes in their search for petroleum in the sub-region. Oil economists anticipate that Uganda could earn $5 billion per year when commercial oil exploitation commences.
The government plans to set up a mini refinery in Kaiso Tonya area, in Hoima District as part of its early oil production scheme. The refinery will produce heavy fuel and electricity that will later be connected to the main national power grid.
Oil explorers continue to register back to back oil discoveries in Bunyoro sub-region. Heritage Oil, one of the companies exploring oil in the Albertine region said it had encountered significant oil deposits at its Buffalo-1 well along the shores of Lake Albert.
The company said Buffalo-1 discovery on Uganda’s Block 1 could become the country’s largest oil field. “The findings at Buffalo-1 well are potentially the largest finding in the Butiaba region – and possibly in the entire country,” the statement dated December 16 posted on the company’s website reads in part.
The Heritage Chief Executive Officer, Mr Tony Buckingham, said with many prospects still available in Butiaba, the company is certain that the commercial threshold for development will be exceeded. “Drilling at Buffalo-1 encountered no oil-water contact, indicating the gross oil column could be significantly greater,” the statement reads.
According to the statement, based on seismic interpretation, further exploration and appraisal drilling could prove a very substantial accumulation of oil. Heritage Oil has other prospects mapped within the Block 1 exploration region that stretches across the districts of Hoima, Masindi and Bundibugyo.
Oil explorers have enjoyed back to back successes in their search for petroleum in the sub-region. Oil economists anticipate that Uganda could earn $5 billion per year when commercial oil exploitation commences.
The government plans to set up a mini refinery in Kaiso Tonya area, in Hoima District as part of its early oil production scheme. The refinery will produce heavy fuel and electricity that will later be connected to the main national power grid.
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