DJ Uganda Closes Disappointing Oil Licensing Round -- Market Talk
0840 GMT - Uganda's first ever competitive oil licensing round closes, with deals
involving only two exploration companies, says energy minister, Irene Muloni.
Australia'sArmour Energy and Nigeria's Oranto Petroleum are the only new entrants, out of
the 17 that initially expressed interest, capping a disappointing process that started
two years ago. The round, which involved international promotional events in Asia, Europe
and the U.S., was best by low international oil prices, a setback for the East African
nation that hosts the region's largest unexploited crude reserves, estimated at 6.5
billion barrels. But Ms. Muloni notes that recovering price offer hope for Uganda's
fledging industry as France's Total, China's Cnooc Ltd and the U.K.'s Tullow Oil continue
$8 billion projects to commercialize the assets. ([email protected];
@Nicholasbariyo)
(END) Dow Jones Newswires
October 11, 2017 04:40 ET (08:40 GMT)
Copyright(c) 2017 Dow Jones & Company, Inc.
Wednesday 11 October 2017 19:40:00.000 AEST
AJQ Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
