Uganda will begin production tests at its Lake Albert oil fields in September, part of a longer-range program aimed at building a refinery that will begin operating within three years, the Energy Ministry said.
Caprikat Ltd. and Foxwhelp Ltd. have restarted exploration of oil blocks along Lake Albert in Democratic Republic of Congo after a court last week rescinded an injunction won by Tullow Oil Plc in September.
-- Tullow Oil Plc , the U.K. explorer with the most licenses in Africa, dropped in London trading after the New Vision newspaper reported that Uganda canceled one of its exploration licenses in Lake Albert.
Tullow Oil Plc sold stakes in three Ugandan exploration blocks to Total SA and Cnooc Ltd. for $2.9 billion, paving the way for the development of the Lake Albert Basin after the deal was delayed by a tax dispute.
Billionaire Dan Gertler is looking for partners to develop oil blocks in the Democratic Republic of Congo after seismic studies revealed “a lot” of oil, the director of Gertler’s Oil of DR Congo sprl said.
Kenya Commercial Bank Ltd., East Africa’s biggest lender by assets, said regional oil and gas discoveries may boost earnings as much as 30 percent as the finds spur project-finance opportunities and economic growth.
Ugandan President Yoweri Museveni leads the East African country’s presidential election with votes at about half of polling stations counted, Electoral Commission of Uganda Chairman Badru Kiggundu said.