Uganda has extended the oil exploration license of Nigeria’s Oranto Petroleum Ltd. by two years. The extension, in line with Uganda’s goal to boost recoverable oil, compensates for time lost during the COVID-19 pandemic. The permit, initially granted in 2017, covers the Ngassa Shallow and Deep areas in the western Hoima and Kikuube districts.
TotalEnergies SE leads the development of Uganda’s oil fields alongside China’s Cnooc Ltd. and Uganda National Oil Co., with production expected to commence in 2025. The extension includes terms such as a production sharing agreement, royalties, cost recovery, and profit sharing, contributing to Uganda’s drive for increased oil production.
Between Depleting Workforce And Declining Productivity