Uganda Extends Oranto Petroleum’s Oil Exploration Tenure from Nigeria

Uganda has granted a two-year extension to Nigeria’s Oranto Petroleum Ltd. for an oil exploration license. Oranto Petroleum had requested compensation for the time lost during the COVID-19 pandemic.

The permit, initially granted in 2017 to explore the Ngassa Shallow and Deep areas in the western Hoima and Kikuube districts, was set to expire on December 29. The extension provides additional time for Oranto Petroleum to continue its exploration activities in the region.

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The extension of the oil exploration permit for Oranto Petroleum Ltd. aligns with Uganda’s efforts to increase recoverable oil from its current levels of 1.4 billion barrels. This move reflects the country’s ongoing initiatives to enhance its oil and gas sector, contributing to the overall development of its energy resources.

The extension of the oil exploration permit for Oranto Petroleum Ltd. in Uganda includes terms such as a production-sharing agreement, royalties, cost recovery, and profit sharing. TotalEnergies SE, a French oil giant, is spearheading the development of Uganda’s oil fields, collaborating with China’s Cnooc Ltd. and Uganda National Oil Co. The country is targeting the commencement of oil production in 2025.