Uganda National Oil Company Limited (UNOC) and China Oil Services Limited Uganda (COSLU) have announced a significant milestone with the signing of a Memorandum of Understanding (MOU) that establishes a framework for cooperation between the two entities. The MOU has been signed today 1st September2023 and signifies a strategic partnership aimed at fostering collaboration and innovation in the oil and gas sector of Uganda.
Under the terms of the MOU; UNOC and COSLU will embark on a cooperative journey with the following key objectives:
Technical Collaboration: The Parties will engage in joint workshops, knowledge-sharing sessions, and secondment programs to bolster technical expertise and knowledge within the oil and gas domain.
Joint Venture Opportunities: UNOC and COSLU will explore mutual areas of interest for potential joint venture projects within Uganda's oil and gas sector.
This landmark partnership aligns with UNOC's commitment to developing in-depth expertise in Uganda's oil and gas industry. COSLU's expertise and resources are set to play a pivotal role in contributing to UNOC's goals.
Proscovia Nabbanja, Chief Executive Officer of UNOC, expressed enthusiasm about the collaboration stating that "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 for innovative advancements and mutually beneficial ventures."
XUE Xinfang, General Manager of COSLU, emphasized the cooperative nature of the collaboration and emphasized that "COSLU is honoured to join hands with UNOC in this endeavour. Our combined efforts will undoubtedly lead to enhanced capabilities and expertise within the industry, benefitting both organizations 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. The collaboration will be guided by the principles of technical cooperation, knowledge exchange, and shared goals.
UNOC is a leading entity established by the Petroleum (Exploration, Development, and Production) Act, 2013, and the Petroleum (Refining, Conversion, Transmission, and Midstream Storage) Act, and is tasked with overseeing Uganda's interests in the petroleum sub-sector. COSLU is a Single Member Company under the Uganda Companies Act, 2012, that specializes in providing comprehensive oilfield services with the full lifecycle of technology and operational services, including prospecting, exploration, development, production of oil, natural gas, as well as storage and transportation of hazardous chemicals.