The announcement was made Thursday by the Minister of Energy and Mineral Development Eng. Irene Muloni during the East African Petroleum Conference and Exhibition in Kenya.
The Minister said they were expecting many potential exploration companies for the blocks given that the current price of crude oil was high and very attractive for investment.
She added the cost of finding oil in Uganda has been very low at less than a dollar per barrel as compared to the world average of two dollars per barrel.
“I am very pleased to announce that my five new brides are ready. They are very attractive and easy to find. I invite investors to come and take them up,” Muloni told delegates.
The five blocks are; Avivi with an area coverage of 1026km2, Omuka (750km2) ), Kasuruban (1285km2), Turaco (637km2) and Ngaji (1230km2 ).
In wooing potential investors, the Minister said the investment climate in Uganda is very conducive for investment singling out peace and security, infrastructure development, tax incentives and good human resource made of youthful and educated population.
“Following this announcement, the Ministry will issue a Request for Qualification (RFQ) inviting interested firms and/or consortia to submit applications within a period of 6 months. Upon evaluation of the applications the successful firms/consortia will be issued with bidding documents comprising the model production sharing agreement and data sale regulations among others,” Muloni added.
The bidding process will take five months and result in the negotiations and signing of production sharing agreements between Government and the successful bidders.
The licensing round is expected to be concluded with the award of Petroleum Exploration Licenses to successful firms by December 2020.