Uganda expects energy deal with Tullow Oil 'very soon,' official says

Jan. 27, 2014 at 6:38 AM

KAMPALA, Uganda, Jan. 27 (UPI) -- Ugandan Energy Minister Irene Muloni said the government expects to sign a memorandum of understanding "very soon" with energy company Tullow Oil.

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.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue