Oranto Petroleum

Oranto Petroleum has signed two production-sharing agreements (PSAs) with Uganda for oil and gas exploration around Lake Albert, the Nigerian company said. The deal covers the Ngassa Shallow and Ngassa Deep plays in blocks near the southern part of Lake Albert, according to the Uganda Ministry of Energy and Mineral Development. The pacts closely followed the signing of a PSA by Australia’s Armour Energy that covers the Kanywataba block, a 133-square-mile area that was relinquished by three international companies in 2012 after failed exploration attempts. The agreements with Oranto and Armour involve acreage that was offered in Uganda’s first competitive exploration licensing round last year. Uganda discovered oil in 2006 in the Albertine rift basin along the Democratic Republic of Congo border. Recoverable oil reserves are estimated at 1.4 billion to 1.7 billion bbl with first production slated for 2020.