Uganda’s UNOC Seeks Joint Venture Partner for Major Oil Exploration Block
Uganda’s state-owned Uganda National Oil Company (UNOC) has announced its search for a joint venture partner to develop the substantial 1,285-square-kilometer Kasuruban exploration block, marking a significant step in the country’s oil development strategy.
Angella Ambaho, Senior Public Relations Officer at UNOC, confirmed on July 9 that the state oil firm is preparing to release details regarding equity sharing arrangements with potential partners in the venture. The announcement signals Uganda’s commitment to accelerating oil exploration activities through strategic partnerships.
UNOC acquired the exploration block in 2023 after signing a comprehensive two-year production sharing agreement with the government. The agreement, which is subject to two renewals for the same duration, was successfully renewed in March this year, providing operational continuity for the project.
The company has already acquired essential geophysical and geological data for the block and is expected to drill at least one exploration well within the next two years. This drilling activity represents a crucial milestone in determining the commercial viability of the block’s hydrocarbon potential.
The Kasuruban block development aligns with Uganda’s broader oil industry timeline, as the country expects to achieve first oil production by 2026. The search for a joint venture partner demonstrates UNOC’s strategy of leveraging international expertise and investment to optimize exploration outcomes while sharing project risks and rewards.
Source: energycapitalpower.com
