“I am going to announce two licenses next year in May. We have only explored 40% of the region so the opportunities are still there. The world will continue using petroleum products. Even electric cars have tyers that are not metallic: we still need petroleum products. It is maximum energy with minimal emissions,” Hon. Ssentamu stated.
Representing a largely untapped market and one of the final frontiers for hydrocarbon exploration, the licensing round is set to open up the already highly attractive East African market.
