Uganda's state oil company identifies 'significant' new crude deposits

State-owned Uganda National Oil Company (UNOC) has identified nine potential oil wells in the Kasuruban block with "significant new crude oil deposits", it said on Tuesday.

The discovery potentially increases crude resources in Uganda's Albertine rift basin where French and Chinese companies already operate two development fields that are expected to start commercial production in the second half of next year.

UNOC acquired the 1,285 square-kilometre Kasuruban exploration block in 2023 after signing a production sharing agreement (PSA) with the government.

UNOC's statement on social media platform X added that preliminary estimates showed the nine potential wells identified could yield 600 million barrels of recoverable crude. It did not say when the discoveries were made or provide any other detail.

Uganda's proven recoverable oil reserves currently stand at 1.65 billion barrels.