Uganda is set to announce the second competitive oil exploration bidding round that will see new fields opened up in 2020.

“We are going to announce the new bidding round in March 2019 at the East African Petroleum Conference and Exhibition in Mombasa. We are now preparing the data on the available oil blocks so that we share with the interested parties,” Eng. Irene Muloni, the minister of energy and mineral development, said. She made the remarks at the Africa Oil week happening at the Cape Town International Convention Centre yesterday.

The formal announcement calling for bids will start the process which is expected to bring in new players into Uganda’s oil sector. Currently, Total E&P Uganda, CNOOC Uganda, Tullow Uganda and new entrants Oranto Petroleum and Armour Petroleum have interests in the fields. Muloni says Uganda needs investors that have the financial muscle, expertise and experience.

Source: New Vision