Uganda’s National Oil Company Seeks Partner To Explore Oil Block

The Ugandan National Oil Company (UNOC) is searching for a joint venture partner to help operate an exploration block in the western part of the East African nation, according to the company’s spokesperson as carried by Reuters.

The company acquired the 1,285- square-kilometre Kasuruban exploration block in 2023 after signing a production sharing agreement (PSA) with the government.

UNOC spokesperson Angella Ambaho did not disclose how much equity the company is prepared to share with the new partner in the venture.

The PSA was initially signed for two years and is subject to two renewals for the same period.

UNOC renewed it in March this year.

Ambaho said the company has acquired geophysical and geological data and expects to process it, acquire new data, and drill at least one exploration well in the next two years.

UNOC already owns a 15% stake in two other production projects – Tilenga and Kingfisher – alongside France’s TotalEnergies and China’s CNOOC, and expects to start pumping crude commercially in 2026.

Source:https://energynewsafrica.com