M a r k e t N e w s

Uganda s quest for more oil reaches Karamoja

Posted on : Saturday, 20th December 2014

 Uganda’s discovered oil reserves are estimated at 6.5 billion shillings and it is believed that if the oil is well utilized, the money from the resource could lift the country from a developing nation to middle-income status. However the country’s quest for more oil continues and now the country is considering exploration in Karamoja.

The Minister of State for Minerals Peter Lokeris told journalists in Kampala on Friday 5th December 2014 that the government was engaging scientists to assess the viability of exploring areas around Hoima, Karamoja, Lake Wamala and Lake Kyoga.
Geological studies in the 1990’s showed that Hoima sedimentary basin and the Kadam- Moroto Basin in Karamoja could be having oil deposits.

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