Uganda has announced the second round of competitive bidding for five oil exploration blocks in its Albertine Graben region by the Minister of Energy and Mineral Development.
Minister of Energy and Mineral Development Eng. Irene Muloni on Thursday said they were expecting potential exploration companies for the blocks given that the current price of crude oil was high and very attractive for investment.
“I am very pleased to announce that my five new brides are ready. They are very attractive and easy to find. I invite investors to come and take them up,” Muloni said.
The five blocks are Avivi with an area coverage of 1026km2, Omuka (750km2) ), Kasuruban (1285km2), Turaco (637km2) and Ngaji (1230km2 ).
She was speaking during the East African Petroleum Conference and Exhibition being held in Kenya.
“Following this announcement, the Ministry will issue a Request for Qualification (RFQ) inviting interested firms and/or consortia to submit applications within a period of 6 months. Upon evaluation of the applications the successful firms/consortia will be issued with bidding documents comprising the model production sharing agreement and data sale regulations among others,” Muloni added.
The bidding process will take five months and result in the negotiations and signing of production sharing agreements between Government and the successful bidders.
The licensing round is expected to be concluded with the award of Petroleum Exploration Licenses to successful firms by December 2020.
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Uganda launched its first oil block auction in 2015.
Additional Information from Dan Grogan, Managing Director GEP.