Uganda's President Yoweri Museveni said his country is ready to undertake a new licensing round for oil blocks in this year's second half.
"We [are] ready to resume fresh licensing, and we have many incentives for prospective investors, which include freedom on the repatriation of earnings," Museveni told a recent business forum organized by the Uganda Chamber of Mines and Petroleum.
Museveni said Uganda plans to create a petroleum directorate at the Ministry of Energy and Minerals, a national oil company, and a petroleum fund to properly manage the sector.
"The petroleum fund will house oil revenues," Museveni said, explaining that Uganda will invest that revenue in renewable-energy projects, roads, railways, and industry.
The president's remarks coincided with reports Uganda expects to produce some 200,000 b/d once the country's oil fields are developed, with the higher output due when the country reaches full-scale production.
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