Uganda Sees Investors Picked for Five Oil Blocks by End-2020 - Bloomberg

Uganda Sees Investors Picked for Five Oil Blocks by End-2020 - Bloomberg:

Uganda sees investors lined up for five oil blocks by the end of next year and expects to start producing crude as early as 2023.

The landlocked East African nation plans to build a pipeline to export its oil through neighboring Tanzania, Energy Minister Irene Muloni said in an interview in Dubai, where she is trying to drum up interest in the licenses Uganda is offering.

“There is a lot of money that needs to be sunk into exploration and development before you go into production,” she said on Bloomberg Television. “We hope by the end of next year, we will have new investors for these five blocks.”