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CNOOC in Joint Venture on Uganda Refinery

According to a Xinhua article published on February 21, 2012, state owned China National Offshore Oil Corp (CNOOC), along with Anglo-Irish Tullow Oil, and France’s Total, will invest in an oil refinery in the Lake Albert rift basin in western Uganda. The projected cost is $1.5 billion. The report said that the three companies investing in the refinery will have a one-third interest in each of the basin’s three blocks. Tullow said Tuesday that it had finalized a long-delayed $2.9 billion sale of two-thirds of its Uganda oil licenses to Total and CNOOC. The group will now focus on a $10 billion plan to start pumping oil from huge reserves discovered on the shores of Lake Albert. Early production is scheduled to start in 2013 before ramping up to a major production phase in 2016.

Source: Xinhua, February 21, 2012