See why Nigeria oil customers is set to reduce as another country discover new oil well

• Uganda is working to become an oil-rich nation and has made significant investments, leading to the discovery of new oil wells
• These latest discoveries have further positioned the country to achieve the World Bank's projected economic growth
• Currently, Uganda is not listed among the African oil-producing nations in the Organization of the Petroleum Exporting Countries (OPEC)

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Uganda is making strides to join the ranks of oil-producing nations in 2025 and has been aggressively pursuing exploration and development projects.

In a major breakthrough, Uganda announced that it had drilled 74 oil wells so far and commenced exploration in two new locations.

Uganda pushing to enjoy oil riches Photo credit: Pius Utomi Ekpei
Source: Getty Images

The country is determined to harness its untapped petroleum reserves and believes the new two locations will help boost its reserves beyond 6.5 billion barrels.

Uganda's Energy Minister Ruth Nankabirwa said that government geologists are exploring two new northern and northeastern Uganda areas.

She also revealed that seven other oil wells are almost done, at about 85% completion.

She added that Nine of the eleven oil wells necessary for the initial crude production at the CNOOC Uganda Limited-operated Kingfisher oil field have already been drilled, BusinessInsider reports.

Her words:

"Sixty-three out of the planned 426 wells have been completed (at the Tilenga project) with positive hydrocarbon shows in the targeted reservoirs."Drilling activities have been focused on six of the 31 well pads that will host the 426 producer and injector wells for the Tilenga project. "All three rigs designated for drilling are operational and 63 wells have been drilled as of August 16, 2024."

NNPC declares a state of emergency

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) declared a state of emergency on crude oil production.

Speaking at the ongoing 2024 Nigeria Oil and Gas (NOG) Energy Week in Abuja, NNPC Ltd's group chief executive officer, Mele Kyari, declared a decisive move to address forces and challenges hindering crude oil production in the country.

According to the NNPC Limited boss, Nigeria can conveniently produce two million barrels of crude oil daily without deploying new rigs.

Source: Legit.ng