The Minister of Energy and Mineral Development, Irene Muloni, has said Uganda will launch the second licensing round of oil exploration following the first phase that saw Tullow Oil, Total E&P Uganda and China National Offshore Oil Corporation (CNOOC) licenced, though Tullow Oil is to exit.
Minister Muloni said the second licensing round will be launched during East African Petroleum Conference and Exhibition (EAPCE) to take place at the Pride Inn Paradise Beach Resort, Convention Center and Spa in Mombasa on May 8, 2019 in Mombasa, Kenya.
The Conference will delve into four main themes: Exploration and Development, Commercialization and Infrastructure Development, Economic and Financial Aspects of Petroleum Projects.
Uganda’s proven oil reserves were estimated by the Ugandan Petroleum Exploration and Production Department to be 3.5 billion barrels, which are expected to yield at least US$2 billion per year for 30 years once oil production commences.
EAPCE is also aimed at promoting investment in the oil and gas sector by demonstrating to the world the potential that lies within the region and sharing information on the status of development of the sector in each Partner State.
She said given the importance of energy in realizing this vision, the EAC Partner States have agreed to cooperate in joint exploration and development of energy resources found within the Community and to promote investment within the sector. The EAC Partner States seek to promote exploitation of both renewable and non-renewable energy sources in the most optimal way for the mutual benefit of East Africans.
“I want to invite the international and regional community to take off time to come and see what we have as the regional block, how to build synergies and come together and see how we can maximize opportunities that we have in oil sector in the east African community,” Muloni said.
The minister said the second round will be launched for companies interested in taking part in Uganda’s oil industry.
The East African Community (EAC) has been holding the East African Petroleum Conference and Exhibition biennially since 2003 to promote exploration, development and production of oil and gas. The main objective of the Conference and Exhibition is
The Conference offers a wide range of technical presentations reflecting developments in the oil and gas industry in East Africa and around the world. The Conference provides a forum for discussing the legal and policy framework and the overall business environment prevailing in the region.
