Uganda to send strong team to Oil Week in Cape Town

August 24, 2018 in Business, Energy, Finance, Hydrocarbons, Investment by Editor

August 24, 2018—Less than two years before the scheduled first oil, the Uganda government is sending a strong team to the Africa Oil Week 2018 being hosted in Cape Town, South Africa during early November.

To date, estimated reserves in western Uganda now stand at 6.5 billion barrels of which 1.5 billion are said to be recoverable. The government wants the presently licensed firms, Total E&P and China National Offshore Oil Corporation (Uganda) Limited to start pumping commercial oil before the end of 2020. Investments in the country’s nascent oil and gas sector is expected to top between $10 billion and $15 billion over the next 10 years.

“Uganda is open for business and we will be looking forward to promoting the country`s highly progressive and lucrative hydrocarbon sector during the Africa Oil Week. Over the course of the week, we will announce a road map for Uganda’s next licensing round and offer insights into our country’s potential and operating environment,” Eng. Irene Muloni, (pictured) the Minister of Energy and Mineral Development has said.

Documentation is being finalised for a Special Purpose Vehicle to run the proposed $4 billion refinery which is being built by the Albertine Graben Refinery Consortium (AGRC) as a joint venture with the government. International agreements for constructing a $3.5 billion heated pipeline from Hoima in western Uganda to Tanga port in Tanzania have also been completed, although full financing is still under negotiations. An industrial park will be developed on the back of Uganda’s future oil production.

Dr Josephine Wapakabulo, the Chief Executive Officer for Uganda National Oil Company (UNOC) said, “UNOC is responsible for the State’s commercial interests in Uganda’s oil and gas sector and we see the country’s participation at Africa Oil Week as a clear opportunity to engage with the most prestigious global operators. UNOC will arrive at Africa Oil Week looking for strategic partners who have the appetite, financing, technology and capabilities to deliver equitable and profitable projects in Uganda’s oil and gas sector. These projects have been identified and will be on display during the week.”

Energy ministry permanent secretary, Robert Kasande said, “During the Africa Oil Week, we will host private meetings with the global private sector with a view to successfully attract capital in every stage of our oil and gas value chain.”

The Oil Week takes place between November 5 and 9 and usually involves participation of representatives from major resource companies, senior government technocrats and industry service firms.

According to the conference organizers, the Africa Oil Week is an important event which continues to drive new business opportunities for E&P companies in Africa. It presents an exclusive and dynamic network of oil and gas operators in Africa.

“As the regulator of Uganda’s oil and gas sector, Africa Oil Week offers the Authority an exciting platform to provide insight into the regulatory environment in the country and how this has been structured to position the country as a sound investment destination. We encourage operators, investors and service companies to attend the Oil Week and meet with officials from the Government of Uganda and the private sector. Uganda welcomes you to partner in what we believe is one of the most commercially viable and prospective oil and gas environments in the world,” Ernest Rubondo, the Executive Director of the Petroleum Authority of Uganda has said.

Conference Director Paul Sinclair said, “On top of the 13 confirmed ministers who will lead delegations to Africa Oil Week, we now have a partnership with the Government of Uganda to host a huge opportunity for the global private sector to exclusively engage and hold private meetings regarding oil and gas opportunities at Africa Oil Week.”