By Modupe Gbadeyanka
The Ugandan government has approved the extension of the exploration licences of a Nigerian independent energy firm, Oranto Petroleum.
In 2017, Oranto, owned by billionaire businessman, Mr Arthur Eze, was granted two petroleum exploration licenses for the Ngassa Deep and Ngassa Shallow contract areas by the Ministry of Energy and Mineral Development in Uganda.
On December 22, 2023, the East African nation granted the oil firm a two-year exploration licence extension for the two contracts, allowing Oranto to drill an exploration well and an appraisal well, depending on the success of the exploration well.
The Ngassa Block is located in the Hoima District and spans the Albertine Graben.
Oranto and its sister company Atlas Petroleum are Africa’s largest privately-held exploration and production group by acreage.
“We thank the Ugandan government under the leadership of President Yoweri Museveni, the Ministry and the people of Uganda.
“This extension is very important, as it will contribute towards increasing Uganda’s oil volumes.
“We appreciate the extension, and want to assure the Ministry that we will fulfil the work program as planned within the designated period,” Mr Eze commented on the development.
Adedapo Adesanya