Oranto Petroleum has announced the signing of two production sharing two production sharing agreements with Uganda to explore for oil and gas around Lake Albert.
According to a statement from the company, Oranto Petroleum was among several companies that placed a bid in Uganda’s first competitive oil exploration licensing round last year.
“We are excited to enter this agreement with the Government of Uganda and look forward to a successful exploration period.”
Lake Albert is home to some prime petroleum acreage,” Prince Arthur Eze, chairman of Oranto Petroleum, said in a statement.
What the deal says
According to the company’s statement, the deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert.
Oranto has the option to renew the agreement and commence a second exploration period consisting of additional seismic data acquisition, the drilling of one exploration well and the drilling of one appraisal well contingent upon the success of the first well.ganda discovered oil in 2006 in the Albertine rift basin along its border with the Democratic Republic of Congo. Recoverable crude reserves are estimated between 1.4 and 1.7 billion barrels and first production is due in 2020.
Established by Nigerian businessman and philanthropist Prince Arthur Eze, the group has been proudly exploring Africa since 1991.
Oranto Petroleum have an extensive footprint across the African continent, holding 21 oil and gas licenses in 10 jurisdictions. With an unrivalled knowledge of African petroleum sectors and plays, Oranto seeks to create long-term value with investment strategies that benefit itself and partners, host countries and their citizens.