BEIJING (Commodity Online) : China’s CNOOC and Total SA of France have submitted their investment proposals with Ugandan government.

According to Uganda’s Ministry of Energy, it is currently studying proposals. However, no details of the proposal have been revealed yet.

Start trading in commodities from as low as $50. Join now

UK's Tullow Oil PLC has taken the two firms as its potential partners to jointly operate exploration areas in western Uganda. The proved reserves of the oilfields are more than 1 billion barrels.

The Ugandan government is expected to make final decision on the deal by the end of this month.

Separately, a consortium led by CNOOC Ltd, a subsidiary of China National Offshore Oil Corp, is expected to win the bid for developing the Missan oil field complex in Southern Iraq.

The Iraqi Oil Ministry said that it has finished negotiations with CNOOC and its partner, Sinochem International Co on the development of the three Missan fields, which has an estimated oil reserve of 2.5 billion barrels.