China National Offshore Oil Corporation (CNOOC) has won a $2billion deal to develop an oil field in Uganda oil, CEOAFRICA.com gathered.

The Kingfisher field is estimated to hold 635 million barrels of oil, of which 196 million are recoverable.

Further reports from sources described the move by the Chinese firm as the latest in a series of investments by the company in overseas oil and gas resources. CNOOC will develop the Kingfisher oil field for over a period of four years, as a way of meeting growing domestic demands.

According to Peter Lokeris, Uganda's junior energy minister, the field will have an initial capacity to produce between 30,000 to 40,000 barrels of oil per day.