Nigerian Firm To Explore Uganda Oilfields

Nigerian Firm To Explore Uganda Oilfields 

Nigerian Firm To Explore Uganda Oilfields 

Nigeria’s Oranto Petroleum has signed two production sharing agreements with Uganda to explore for oil and gas around Lake Albert, the company said on Tuesday, according to REUTERS.

Oranto was among several companies, including Australia’s Armour Energy, that last year bid in Uganda’s first competitive oil exploration licensing round.

“We are excited to enter this agreement … Lake Albert is home to some prime petroleum acreage,” Prince Arthur Eze, chairman of Oranto Petroleum, said in a statement.

The deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert, Uganda’s ministry of energy and mineral development said.

Uganda discovered oil in 2006 in the Albertine rift basin along its border with the Democratic Republic of Congo. Gross crude reserves are estimated by government geologists at 6.5 billion barrels of which between 1.4 and 1.7 billion barrels are considered recoverable. Production is expected to start in 2020.

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