Muloni described the imminent deal with Tullow, a British exploration company, as a "significant milestone" for Uganda.
"Negotiations about this memorandum of understanding [with Tullow] are now fully complete and we anticipate its signing very soon," she was quoted by the Observer (Uganda) as saying Sunday.
Last year, Tullow published a 21-page report on Uganda, tracking progress since it entered the country in 2004. The company said it has uncovered more than 1 billion barrels of oil in Uganda since operations began and most of that was in the country's Lake Albert basin.
In early January, the Ugandan government said Tullow's national subsidiary submitted its application for eight production licenses in the so-called Albertine Graben basin. French energy company Total and China National Offshore Oil Corp. submitted applications for the other licenses.