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Roger Cressey, the chief executive officer of Armour Energy Limited applauded government for choosing his company amongst many for this activity and promised to fulfill the terms and conditions detailed in the agreement.
At the launch of the licensing round, six blocks covering 2,674 square kilometres were offered and 19 firms initially expressed interest but four – Armour Energy Limited and three Nigerian firms emerged as winners. Armour is the first to sign an agreement with the government.
At the hand-over ceremony, Robert Kasande, the Ag. Permanent Secretary added that one of the major achievements from this licensing round was the development of a state of the art data room which remains open to the industry to view and purchase data, and will also be used for future licensing rounds.
“The Ministry was able to generate US$ 2.4 million from the sale of data to bidders which was paid to the Uganda Petroleum Fund”, he said.
The award was cleared by Cabinet and the Ministries of Finance, Planning and Economic Development together with that of Justice and Constitutional Affairs. The Minister also said that on Friday 8th September 2017, Cabinet approved the award of two licenses in the Ngassa block and that the agreements would also be signed in a few weeks’ time.
Uganda’s first licensing round covered six blocks with a total acreage of 2,674 Km2 in the Albertine Graben, Uganda’s most prospective sedimentary basin.
Out of the nineteen (19) applicants at the Request for Qualification Stage, sixteen proceeded to the Request for Proposal stage and four emerged successful and proceeded to the negotiations stage. This first licensing round was undertaken in line with the National Oil and Gas Policy for Uganda (2008) and in accordance with the Petroleum (Exploration, Development and Production) Act 2013.
DGR Interest in Ugandan Oil Project by The Independent Magazine on Scribd
