Uganda and Tullow Oil to sign MoU on crude production

oilwell africa-eric kounce wcThe growth in Africa’s oil and gas sector is expected to continue, given the growing energy needs of the Asian and European markets. (Image source: Eric Kounce/Wikimedia Commons)Uganda has announced that it will sign a Memorandum of Understanding (MoU) with Tullow Oil for the production of crude oil

Irene Muloni, Ugandan energy minister, described the deal with the British explorer as a ‘significant milestone’ for the country.

“Negotiations with Tullow Oil are now complete and we anticipate its signing very soon,” she added.

In 2013, Tullow Oil had published a 21-page report on Uganda, tracking progress since it entered the country in 2004. The company said it has uncovered more than one billion barrels of oil in the East African country since operations began and most of that was in Lake Albert Basin.

Early in January this year, the Ugandan government had also said that Tullow Oil submitted its application for eight production licenses in the Albertine Graben Basin.

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