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UNOC, CNOOC to begin joint oil exploration in 2019

Uganda National Oil Company Ltd signed a Memorandum of Understanding (MoU) with China National Offshore Oil Company (CNOOC) to work together to start a partnership in exploration in the Albertine Graben. The MoU was signed by Dr. Josephine Wapakabulo, the Chief Executive Officer (CEO) UNOC and

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Ministry Moves to Register All Miners

  The Ministry of Energy and Mineral Development will biometrically register Uganda’s artisanal and small-scale miners (ASM). This will be in line with a new mineral policy, it says, through its Financial Year 2018/19 policy statement. This was revealed and  launched by the

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Uganda Petroleum Institute to get University status

  Government is in final stages of upgrading Uganda Petroleum Institute Kigumba (UPIK) to a University status. The revelation was made by the Prime Minister of Uganda Dr Ruhakana Rugunda while representing President Museveni at the 24th coronation anniversary celebrations of the

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Government to dispose-off crude oil

The Ugandan government plans to dispose-off crude oil stock that was accumulated during the oil exploration and appraisal phase. Over 45,211 barrels of oil were reportedly accumulated during the extended well testing in the Albertine graben in Mid-Western Uganda. Extended well tests (EWTs)

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Did you Know?

Farm-down, Farm-in, Carve-out

If a licensed exploration company strikes oil or gas, it may sell a share in its rights over the discovery to other companies.  This is called a “farm-down” and is a common practice among small exploration companies, as it enables them to share with others the investment costs and technological challenge of getting the oil out of the ground and on to world markets.   A “farm-in” is a similar arrangement made by an exploration company before it strikes oil: the company may sell a share in its exploration rights, typically in order to raise capital or attract necessary expertise for completing exploration.   Similarly, a “carve out” is where a company divides an area over which it holds a concession and sells rights over part of that concession to another company.

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