Uganda: Agreement Signed With Tanzania For The Construction Of The Future Pipeline

The reserves in Lake Albert are estimated at 6.5 billion barrels of oil.

After months of discussions, a $3.55 billion framework agreement was signed on Friday (May 26th) in Kampala between Uganda and Tanzania. It lays the foundation for the construction of the pipeline that will allow Uganda to export its oil from the Albert Lake area to the port of Tanga. In total, reserves in Lake Albert are estimated at 6.5 billion barrels of oil. Those directly exploitable are estimated at 1.4 billion barrels.