The Uganda National Oil Company (UNOC) has signed a memorandum of understanding (MoU) with China National Offshore Oil Company (CNOOC) to jointly carry out oil exploration in a new block in the country.
The deal was signed in Beijing alongside the ongoing China-Africa forum on cooperation, in the presence of Uganda’s President Yoweri Museveni.
The MoU was signed by UNOC CEO Dr Josephine Wapakhabulo and CNOOC international chairman Fang in Beijing.
A statement issued by President Museveni office as said the exploration aims to increase the amount of crude oil produced in Uganda to support the operations of the refinery, as well as the oil pipeline.”
Under the agreement, both companies will collectively work on joint exploration and development of oil blocks in Uganda’s oil belt in the Albertine graben.
The Chinese oil company has already operations in Uganda where it jointly owns fields with French oil company Total and London-based Tullow Oil.
Latest from Earth Finds
- National Energy Services Reunited Signs Agreement With Saudi Aramco
- Audit Firm PwC Summoned To Explain Crane Bank Books
- Crane Bank Needed Shs157bn To Get Back Up But BoU Spent Shs478b To Destroy It
- Report: Aid Agencies Must Act To Save Millions Spent On Inefficient Fossil Fuels
- Oil companies, Govt Tell Farmers To Prepare For Emerging Opportunities