With over 6.5 billion barrels of estimated crude oil reserves, of which 2.2 billion is recoverable, the country is committed to realizing the true potential of these resources, with the licensing round expected to drive new investment and development across key basins.
“As part of the strategies to exploit the oil and gas resources in a sustainable manner, the country is announcing the third licensing round in 2023,” states H.E. Nankabirwa Ssentamu.
The announcement follows a final investment decision that was made earlier this year for the highly-anticipated Lake Albert Development comprising the East African Crude Oil Pipeline and the Tilenga and Kingfisher upstream oil projects. With the licensing round, opportunities for new projects to be tied into the larger development are in sight.