- Uganda’s government has permitted the state-owned Uganda National Oil Company (UNOC) to start oil exploration.
- The Energy Ministry plans to announce a third licensing round during the East African Petroleum Conference and Exhibition in May 2023.
According to Monitor newspaper reports, Uganda’s government has permitted state-owned Uganda National Oil Company (UNOC) to start oil exploration in the Kasurubani area covering over 1,285 kilometres across Masindi, Hoima and Buliisa.
Energy Minister Ruth Nankabirwa said that UNOC would be a new entrant to contribute to the current resource of six billion barrels of oil and a recoverable reserve of 1.4 billion barrels. The permission comes after issuing a petroleum exploration licence and signing a production-sharing agreement between the government and UNOC.
Meanwhile, the Energy Ministry plans to announce a third licensing round during the East African Petroleum Conference and Exhibition in May 2023.
Source: Hellenic Shipping News