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Uganda to auction 13 blocks for oil exploration

By Vision Reporter

Added 24th January 2013 02:11 PM

Uganda will auction 13 blocks for oil and gas exploration when the President signs a new bill.

Uganda to auction 13 blocks for oil exploration

Uganda will auction 13 blocks for oil and gas exploration when the President signs a new bill.

Uganda will auction 13 blocks for oil and gas exploration when the President signs a new bill governing the petroleum sector into law, its junior energy minister said on Wednesday.

The east African nation's parliament passed a petroleum law last month aimed at guaranteeing transparency in the oil sector, through a clear management structure.

"We are waiting for a Presidential assent to that law and then we will be ready to advertise for a new licensing round. We have 13 blocks that are currently not licensed which prospective bidders can apply for," Peter Lokeris told Reuters.

Uganda struck commercial hydrocarbons in the Albertine rift basin near the border with the Democratic Republic of Congo in 2006.

A total of 87 wells have since been drilled, 76 of which have been found to contain hydrocarbon deposits. The country estimates total crude reserves at 3.5 billion barrels.

Total, Tullow Oil and China's CNOOC , the three leading oil explorers in the country, are awaiting government approval of their field development plans.

Total says crude production is likely to commence in 2017 at the earliest.

Reuters

 

Uganda to auction 13 blocks for oil exploration

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