Government licenses Austrian Oil company to to carry out oil exploration

By Moses Ndhaye:

The Government has licensed an Austrian based Oil company Armour Energy Ltd.to to carry out oil exploration in one of the oil wells in the Albertine region.

The Minister for Energy and mineral Development Irene Muloni while signing the agreement with the Armour executives said the company has been mandated to carry out oil production in Kanywamataba one of the oil wells.

This is the 4th company that has been licensed by the government to carry out oil production and exploration. Others are Tullow Oil, Total, and CNOOC.

She says the actual oil production is expected to kick off by 2020.