Uganda National Oil Company CEO Nabanjja to headline October Johannesburg energy event

June 16, 2023 in Business, Hydrocarbons, Investment by Editor

The conference organisers say with Nabbanja’s active involvement and participation at AEW 2023, oil and gas projects in Uganda and the wider East African region are set to gain momentum and attract the necessary investments to maximize their potential.

The organizers of the African Energy Week (AEW), set for mid-October in Johannesburg, have praised Proscovia Nabbanja, the Chief Executive Officer of the Uganda National Oil Company (UNOC) for her commitment to the industry and announed Nabbanja as a main speaker during the conference.

The annual event is organised by the African Energy Chamber (AEC). Besides the conference itself, the gathering also features an exhibition, and networking sessions that bring together African energy stakeholders with investors and international partners to drive industry growth. The underlining aim is to promote Africa as the destination for energy investments.

NJ Ayuk, the Executive Chairman of the AEC said earlier this week, “The Chamber stands steadfast in its support for projects like the East Africa Crude Oil Pipeline (EACOP), recognizing its potential to transform Uganda’s energy industry and catalyze regional economic growth. Proscovia Nabbanja has a strong technical background and unique expertise in identifying commercially viable investments across the petroleum value chain, and we are excited to amplify her efforts and receive her insight.”

According to the AEC, Uganda represents one of the few remaining oil frontiers on the continent – estimated to hold up to 6.5 billion barrels of oil reserves – and is home to a competitive fiscal regime and strong government support that has made it an increasingly attractive destination for foreign investment.

Under Nabbanja’s leadership, UNOC plays a crucial role in Uganda’s emerging oil and gas industry, managing state participation in production licenses and holding a 15% participating interest in petroleum licenses for discovered oil and gas fields. UNOC currently oversees nine production licenses encompassing 13 oil and gas fields, which are set to be developed through the country’s highly anticipated Lake Albert Development.

This flagship development comprises the Tilenga and Kingfisher upstream oil projects, operated by TotalEnergies and China National Oil Corporation (CNOOC), respectively, alongside the construction of the East African Crude Oil Pipeline (EACOP) that will transport oil from Uganda’s fields to Tanzania’s Port of Tanga. Together, these projects are projected to reach a total production capacity of 230,000 barrels per day (bpd).

Ayuk said, “With her active involvement and participation at AEW 2023, oil and gas projects in Uganda and the wider East African region are set to gain momentum and attract the necessary investments to maximize their potential.”

Jointly owned by TotalEnergies (62%), CNOOC (8%), UNOC (15%), and the Tanzanian Petroleum Development Corporation (15%), the crude oil pipeline will span approximately 1,443 km and carries an estimated investment cost of $3.5 billion. UNOC’s involvement in the project highlights its commitment to fostering regional cooperation and monetizing Uganda’s hydrocarbon wealth, both of which will be key discussion points at AEW 2023.

Prior to assuming her role as CEO in October 2019, Nabbanja served as the COO – Upstream for UNOC and as a Principal Geologist in the Petroleum Exploration and Production Department. Nabbanja holds an MBA from Imperial College Business School, an MSc in Petroleum Geoscience from Imperial College London and a Bachelor’s of Science from Makerere University, Kampala, Uganda.