Uganda names its crude oil today ahead of market entry
Uganda is officially naming its crude oil grade during a ceremony at the Kingfisher production facility. This milestone allows the country to market its waxy, low-sulphur oil on the global stage for the first time.
Why it matters
Establishing a commercial identity for its oil is a critical step for Uganda to begin exporting and generating revenue from its long-standing natural resource discoveries.
AFRICA , NEWS , The News Today Leave a comment
All set for historic naming ceremony of Ugandan crude oil
Kikuube, Uganda | NEWS CORRESPONDENT | Uganda will today unveil the name of its crude oil, giving the grade a commercial identity ahead of its planned entry into the global market, at a ceremony at the Kingfisher production facility on the shores of Lake Albert.
President Yoweri Museveni will do the honours during a visit to inspect progress in Uganda’s oil and gas journey. Kingfisher, on the Buhuka flat in Kikuube District, is where CNOOC Uganda Limited operates one of the country’s two upstream developments.
Energy Minister Monica Musenero toured the field on Tuesday ahead of the President’s arrival, visiting the central processing facility, an active drilling site at Pad 2 and a waste-management facility, where officials briefed her on commissioning, national content and community-development programmes.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in