The Uganda government will auction the remaining blocks in the Albertine basin before the end of this year, Energy and Minerals Junior Minister, Peter Lokeris has confirmed.
Speaking at the just-concluded East Africa Oil and Gas Conference in London last week, Hon. Lokeris said the planned auction will be by open bidding so as to attract as many international companies as possible.
“In our next licensing round, we are doing open bidding and open licensing so you are all welcome. We are going to do that before the end of the year and in our next bidding round, we are targeting the most efficient players,” said Hon. Lokeris.
Up to 60 percent of the oil-rich Albertine Graben will be up for grabs.
“We welcome you to come and take part in this exercise,” Hon. Lokeris told delegates. “You can also undertake other jobs like refinery maintenance, rigs and related activities. Government encourages private sector investment.”
This will be Uganda’s first competitive bidding round after an eight year moratorium on licensing pending the establishment of a regulatory framework for the sector.
So far, up to 3.5 billion barrels of oil have been discovered in the Albertine Graben .
Report by Flavia Nalubega
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