Uganda touts potential, invites new oil exploration bids

Ahead of the second competitive round for exploration licences in 2019, Uganda is lobbying for investors in its Albertine fields to prospect for oil.

State Minister for Energy and Mineral Development, Peter Lokeris, told international oil firms, financing groups, oil lawyers and consultants gathered in Juba on November 21 that Uganda is an attractive destination for oil investments. “Out of 121 wells drilled, 106 had hydrocarbons,” he said, adding that out of the 6.5 billion barrels of oil so far discovered since 2006, some 1.4 to 1.7 billion barrels are recoverable.

However, these discoveries, which include some 500,000 cubic feet of gas, cover only 40 per cent of the Albertine Graben, with two-thirds of the region yet to be explored. “Uganda will open the second bidding round for exploration licences in May 2019, for which licences will be issued by 2020,” Mr Lokeris told the participants at the second South Sudan Oil and Power Conference.

Source: The East African



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