French oil company Total plans to spend over US$300 million in 2012 on exploration in Uganda, where small-scale commercial oil production is expected to begin later this year.

Total, China National Offshore Oil Corporation (CNOOC) and British explorer Tullow Oil in February signed a US$2.9 billion deal to ramp up output in the east African country’s nascent oil sector.

Barclays Bank Uganda ltd has registered profit of Shs 21billion for the year ended December 31, 2011 up from Shs9 billion in 2010, according to the bank’s financial statement released on April 16.

According to the statement, profit before tax grew by 134% from Shs 10.7 billion in 2010 to Shs 25.1billion 2011. Operating income increased by 12% from Shs 129 billion in 2010 to Shs 145billion in 2011. Total assets grew by 6% compared to a year earlier.

Crane Bank has registered profits in all its portfolios according to the bank’s annual financial statement for the year ended December, 31, 2011.

According to the statement, overall profit before taxes increased by 32.3% to Shs 90.23 billion in 2011 from Shs 68.19% billion in 2010.

The Uganda shilling has been appreciating against the dollar since April 2 after the Central Bank left the central bank rate unchanged at 21% citing currency worries as the main reason behind that decision.

According to Denis Mashanyu, forex trader with Standard Chartered Bank, the shilling appreciated from 2520/30 to the current levels of 2480/90.