(WO) – On Friday, Ugandan Energy Minister Ruth Nankabirwa Ssentamu announced plans to hold a third oil licensing round in May, according to Reuters. While she did not disclose how many blocks will be put up for auction, the round represents further efforts to develop the country’s oil sector.
Uganda discovered hydrocarbon deposits in its Western region near the Democratic Republic of Congo in 2006. The country plans to begin oil production in 2025.
Currently, TotalEnergies, CNOOC, and the Uganda National Oil Company own all of the country’s existing oilfields.
This announcement comes alongside plans to “commercialize the country’s oil resources” by developing a 130-mile crude export pipeline and $4.5 billion refinery.
This story was originally published by Reuters on January 20, 2023.
Source: Worldoil
