The government of Uganda is set to announce the lead investor and operator for its planned oil refinery next financial year.

Government sources show that Uganda will announce the lead investor in July and expects to conduct a licensing round for its vacant petroleum exploration acreage next year.

Uganda first discovered crude deposits in the Albertine rift basin at its boarder with the Democratic Republic of Congo in 2006. These oil reserves are estimated by the government of Uganda at 3.5 billion barrels.

The government of Uganda signed a memorandum of understanding with oil firms laying out a blueprint for the commercial development of its oil fields. The firms are Britain’s Tullow Oil, France’s Total and China’s CNOOC.

Britain’s Tullow Oil, France’s Total and China’s CNOOC will share crude produced in Uganda. Uganda is expected to start production of commercial oil in 2016 at the earliest.

Uganda announced five consortia and one individual firm had been shortlisted to bid for the $2.5 billion refinery.

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