September 17, 2012 / 6:23 AM / 5 years ago

Uganda ups oil reserves estimate 40 pct to 3.5 bln bbls

KAMPALA, Sept 17 (Reuters) - Uganda has officially revised its estimated oil reserves to 3.5 billion barrels from 2.5 billion barrels, the commissioner for a state agency in charge of petroleum exploration and production said on Monday.

Uganda discovered commercial hydrocarbon deposits in its western region along the border with the Democratic Republic of Congo in 2006 and estimated reserves at 2.5 billion barrels. Production of the oil has not begun, however.

“We have been doing a lot of appraisal work over the last several months on the wells in blocks 1 and 2 and the reserves have been increasing and now we’re able to confirm that we have about 3.5 billion barrels in place,” Ernst Rubondo, the commissioner for the Petroleum Exploration and Production Department, told Reuters.

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