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Uganda Launches 2nd Round of Competitive Bidding for Oil Blocks

Source: www.gulfoilandgas.com 5/9/2019, Location: Africa

Uganda has launched a second round of competitive bidding for five oil exploration blocks in the west of the country, where it has already discovered commercial crude reserves, the energy ministry said. The ministry said a total of 4,928 square kilometres would be offered in the new round. Many exploration companies were expected to show interest in the blocks, with the current relatively high price of crude oil making an investment attractive.

Uganda launched its first oil block auction in 2015, covering six exploration areas measuring 2,674 square kilometres. Prior to that, the country handed out blocks on a first-come, first-served basis.

Two of the firms that participated in the first round, Australia’s Armour Energy Limited, and Nigeria’s Oranto Petroleum, went on to sign production sharing agreements (PSAs) with the government. The ministry would invite interested firms and consortia to submit applications within a period of 6 months after the announcement of the round. 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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