Business

Government To License More Oil Companies

Government To License More Oil Companies

By Benjamin Jumbe

The government is set to license some more companies to do oil exploration in the country.

This has been revealed by the state minister for minerals Hon.Peter Lokeris during a media briefing at Media Centre in Kampala.

Minister Lokeris says this follows geological studies conducted by colonialists that indicated a possibility of oil in Karamoja Kadam valley and Hoima valley.

He is optimistic the country could soon discover more oil through the new explorations noting that licenses for exploration are to be given out in 2 months’ time.

Meanwhile, Minister Lokeris says government is committed to see completion of works at Isimba and Karuma Dam in the stipulated time.

This comes amid concerns raised by various stakeholders over withholding of funds by EXIM bank of china due to a court case over the projects.

Media reports yesterday indicated that the bank had withheld the funds seeking explanation from government on the status of the court case.

However addressing journalists at the Uganda Media Center in Kampala minister Lokeris said government had already responded to the request, giving assurance that work has not stopped.

He was announcing the energy week scheduled for 31st October to 5th November 2016 at Lugogo KCCA grounds.

 

 

Reporter

October 28th, 2016

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