The Uganda National Oil Company Limited (UNOC) has signed a Memorandum of Understanding with China Oil Services Limited Uganda (COSLU) aimed at fostering collaboration and innovation in the oil and gas sector in Uganda.
The two entities will collaborate technically through engaging in joint workshops, knowledge-sharing sessions and secondment programmes to bolster technical expertise and knowledge within the oil and gas domain as the country the resources continue being developed in the Albertine grabben.
The parties will as well explore mutual areas of interest for potential joint venture projects within Uganda’s oil and gas sector, according to Ms Proscovia Nabbanja, UNOC Chief Executive Officer.
“The strategic partnership with COSL Uganda-SMC Limited is a significant step forward our mission to enhance Uganda’s capabilities in the oil and gas sector. We believe this MOU will pave the way innovative advancements and mutually beneficial ventures,” she says.
Mr Xue Xinfang, the COSLU General Manager, notes that the “combined efforts will lead to enhanced capabilities and expertise within the industry benefiting both organisations and the sector as a whole.”
The MOU will be effective for an initial period of two years with provisions for renewal upon mutual agreement guided by the principles of technical cooperation, knowledge exchange and shared goals.
UNOC was established by the Petroleum (Exploration, Development and Production) Act, 2013 and the Petroleum (Refining, Conversion, Transmission and Midstream Storage) Act tasked with overseeing Uganda’s interests in the petroleum sub-sector.
COSLU is a Single Member Company that specialises in providing comprehensive oilfield services with the full cycle of technology and operational services including prospecting, exploration, development, production of oil, natural gas as well as storage and transportation of hazardous chemicals.
