The terms of the agreement will allow the two parties to “develop a block in the Albertine Graben” and also “start the process of accessing the identified block as soon as possible.”
According to UNOC, the key purpose of the partnership is to ensure that more “crude oil is discovered to support the projected production profile of already discovered resources that are under development as well as create an avenue for UNOC to grow its exploration capabilities and begin its journey towards a fully-fledged oil company able to perform operatorship roles.”
“The intention of Parliament and indeed government of Uganda was to move in this direction and this is the beginning,
“UNOC will rely heavily on CNOOC’s experience as a national oil company to grow its capabilities and expertise,” Peter Muliisa, Chief Legal and Corporate Affairs Officer said
The agreement between UNOC and CNOOC is to be effected in October and commence exploration activities as soon as the Ministry of Energy and Mineral Development grants them a license.
CNOOC pledged to work with UNOC to ensure national participation as well as supporting the Ugandan government-owned company on its journey to operatorship.
UNOC is a limited liability petroleum company owned by the government of Uganda.