Irene Muloni (R), the Minister of Energy and Mineral Development and Roger Cressey, the CEO Armour Energy display a Memorandum of Understanding certificate after signing the oil exploration licence on Sept. 14. INDEPENDENT/JIMMY SIYA
Kampala, Uganda | RONALD MUSOKE | On Sep 14, the Ugandan government signed a production sharing agreement with the Australian Armour Energy Ltd and issued a petroleum exploration licence, the first under the competitive licensing round for oil and gas unveiled two years ago.
28 Sep 2017
Uganda will seek to join OPEC once the East African nation starts pumping crude out from Lake Albert oil fields along the western border with the Democratic Republic of Congo at the end of the decade, Uganda's energy and minerals minister Irene Muloni said Wednesday. The Ugandan government took the decision to join OPEC after consultations with other existing member states, including Equatorial Guinea, Muloni told an oil and gas conference in Kampala.
"When we start producing our oil, we will join OPEC, to reap the benefits from being a member of the organization, these include stability of prices," she said. "We remain on course to deliver first oil in 2020."
The International Monetary Fund (IMF) recently stated that the oil reserves in Uganda may account for around four percent of the country’s economy annually in the next few years if managed well.