Uganda allows state-oil firm to begin oil exploration

Uganda’s government has permitted state-owned Uganda National Oil Company (UNOC) to start oil exploration in the Kasurubani area, The Monitor newspaper reported.

The area covers over 1,285 kilometers across the districts of Masindi, Hoima and Buliisa.

The permission comes after issuing a petroleum exploration licence and signing of a production-sharing agreement between the government and UNOC.

Energy Minister Ruth Nankabirwa said that UNOC will 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 of oil.

Meanwhile, the Energy Ministry plans to announce a third licensing round during the East African Petroleum Conference and Exhibition in May 2023.
Source: Reuters (Editing by Seban Scaria)