Uganda has finally approved the environmental and social impact study (ESIA) submitted by CNOOC for the Kingfisher fields. Approval was originally expected in the first half of last year but, as with almost everything on the East African Crude Oil Pipeline project, the pace has been lethargic. Zhao Shunqiang, head of CNOOC Uganda, described the approval as an important step towards monetising the country's oil reserves. As ever, there are also many more steps needed, not least of which is an agreement over capital gains tax on the sale of Tullow's interest to the other partners - CNOOC and Total.
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