Uganda through the Ministry of Energy and Mineral Development has witnessed a huge step in the commercialization of the oil sector, as seven companies bids for blocks which were put up for licencing in Albertine Graben.

Companies that presented their bids includes, Armour Energy Limited, WalterSmith Petroman Oil Limited, Oranto Petroleum International Ltd, Niger Delta Petroleum Resources Ltd, Rift Energy Corporation, Glint Energy LLC and Swala Energy Ltd.

The companies are amongst the 16 potential bidders that were given the bidding documents on October 1, 2015. The submission for the bid closed on February 26, 2016.

The six blocks on offer in the Albertine Graben involves of the Ngassa in Hoima District, Taitai & Karuka (in Buliisa District, Ngaji in Rukungiri & Kanungu Districts, Mvule in Moyo and Yumbe Districts alongside Turaco and Kanywantaba in the Ntoroko District.

“The attraction of seven bidders is significant, taking into consideration the current low Global Oil and Gas prices,” F.A Kabagambe-Kaliisa, Permanent Secretary of the Ministry of Energy & Mineral Development said.

He added that the government will finalize the licencing round by discussing with successful bidders, sign Production Sharing Agreements and grant exploration licences by the end of June 2016, Coffee Fix Uganda reports.

Anita Fatunji