Uganda Names 'Pearl Sweet' Crude Oil Blend Ahead of Commercial Production
Uganda has officially named its crude oil blend 'Pearl Sweet', marking a significant step towards commercial production. The country plans to begin exporting the oil by the end of this year, with estimated recoverable reserves totaling 1.65 billion barrels and peak production expected at 230,000 barrels per day.
The name 'Pearl Sweet' refers to the crude's low sulphur content, earning it the 'sweet' label. The term 'pearl' is drawn from Uganda's nickname as the 'Pearl of Africa', coined by former British Prime Minister Winston Churchill.
The development of the oil fields has been delayed due to infrastructure issues and disagreements between the government and international oil companies. France's TotalEnergies holds a 56.67% stake in the fields, while China's CNOOC owns 28.33%, with Uganda's state-owned UNOC holding the remaining shares.