MoU Signed in Uganda

Friday, February 7, 2014

Uganda, Tullow Oil, Total, and CNOOC signed a MoU on February 5 which moved the development of the reserves in the Lake AlbertBasin on step closer to reality. The MoU laid out the roadmap for the commercialization of the petroleum resources.

Irene Muloni, Uganda’s Minister of Energy and Mineral Development told journalists that the memorandum will now provide a framework for achieving a ‘harmonized commercialization plan for the development’ of Uganda’s petroleum.”

According to Muloni, the comprehensive plan will include the use of the gas resources for power generation, supply of crude oil to the refinery expected to be developed within Uganda [by the government] and the export of crude oil through an export pipeline [by the oil companies].

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