The Uganda National Oil Company Ltd and China National Offshore Oil Corp. (CNOOC) signed a memorandum of understanding to form a partnership to explore the Albertine Graben region of Uganda, according to a Sept. 5 release.
The memorandum of understanding, which was signed in Beijing, states that the two companies will work towards developing a block in the Albertine Graben region and that the firms intend to start the process of accessing the identified block as soon as possible.
The partnership is meant to ensure that more crude oil will be discovered in order to support the projected production profile of resources that have already been found in the Albertine Graben.
The two companies intend to start applying for the identified block in October with exploration activities set to start when a license is granted by Uganda's Ministry of Energy and Mineral Development. Planned activities are expected to begin by 2019.