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Uganda Is Africa's Biggest Oil Storey, And It's Poised To Make A Strong Investment Pitch At African Energy Week In Cape Town

Uganda has emerged as a formidable oil and gas competitor and African Energy Week (AEW) 2021 in Cape Town will showcase it. The country is establishing itself as a force to be reckoned with, with large reserves, enabling regulation, and a proactive national oil corporation that promotes local involvement, inclusivity, and capacity building, and AEW 2021 in Cape Town (9th-12th November 2021) will push this narrative.
 
The African Energy Chamber (AEC) stressed the significance that AEW 2021 will play in displaying Uganda's energy accomplishments during a recent working visit to Uganda, positioning Uganda as a major priority at Africa's flagship energy event in order to stimulate associated dealmaking.
 
Despite being a relatively new hydrocarbon sector, Uganda has made tremendous progress in developing a competitive oil and gas business, with proven crude oil reserves of 6.5 billion barrels and natural gas reserves of 0.5 trillion cubic feet. Under the leadership of H.E. President Yoweri Museveni and the recently inaugurated Hon Ruth Nankabirwa, working together with Ernest Rubondo, the Executive Director of the Petroleum Authority of Uganda and Proscovia Nabbanja, the CEO of the Ugandan National Oil Company,  Uganda has accelerated hydrocarbon exploration, large-scale project developments, and regional synergies, driving widespread socio-economic growth in the process.
 
Some of the world's most prestigious international oil companies have invested in Uganda (IOC). Tullow Oil has been a key player in the development of Uganda's oil and gas sector since 2004, with substantial finds in the Lake Albert Rift Basin in 2006 and 2009. Similarly, Heritage Oil Plc. has been a major contributor of Uganda’s industry success through discoveries such as the 600-million-barrel drilling campaign in the Albert Basin and the Kingfisher Well in 2008. Both companies have been instrumental in opening up several basins in the country, accelerating associated developments and establishing a competitive sector. In 2020, Tullow sold its assets to Total, which, in collaboration with China’s CNOOC, has been driving growth across the entire value chain.
 
Although IOC participation has been beneficial to Uganda's sector expansion, it is the UNOC's active engagement that has positioned the country as a regional competitor. Notably, the UNOC, whose overall function is to manage the government’s commercial interests in the petroleum sector and ensure resources are exploited in a sustainable manner, has played a significant role in driving progress. Even throughout the COVID-19 pandemic, whereby price and operational impacts hindered progress, the UNOC has not only managed to sustain operations, but excel.
 
Under the guidance of Proscovia Nabbanja, the UNOC has overseen a range of projects across the entire energy value chain. In the upstream sector, notable projects include the 40,000 barrel per day (bpd) Kingfisher Project; the 190,000 bpd Tilenga Project; as well as the exploration of new ventures in the country’s second licensing round. In the midstream sector, projects include the Kabaale Industrial Park – comprising the country’s second international airport, a crude oil export hub, and the Uganda refinery -; the 60,000 bpd Uganda Refinery Project; and the monumental 1,443km, 216,000 bpd East Africa Crude Oil Pipeline (EACOP) – connecting Kabaale-Hoima in Uganda with the Chongoleani peninsula near Tanga port in Tanzania.

Finally, downstream initiatives include downstream petroleum trade, the Jinja Storage Terminal, and the Kampala Storage Terminal, a regional pipeline hub. AEW 2021 is devoted to encouraging investment in Uganda's developing sector by exposing these projects to global stakeholders in Cape Town.
 
“AEW 2021 has placed Uganda as a top priority in Cape Town. The country’s significant resources, political will, and active local business sector will position the country as a regional leader, warranting an increase in foreign investment and associated developments. Projects such as the EACOP – made possible by the commendable leadership of H.E. President Yoweri Museveni and H.E. President Samia Suluhu Hassan – represent fundamental opportunities for both local and regional companies, and opens up the region for petroleum investment through the establishment of a viable export route. AEW 2021 will showcase Uganda, its enabling environment, and its incredible leadership, driving dealmaking and partnerships in the process,” stated NJ Ayuk, Executive Chairman of the AEC.
 
Finally, downstream initiatives include downstream petroleum trade, the Jinja Storage Terminal, and the Kampala Storage Terminal, a regional pipeline hub. AEW 2021 is devoted to encouraging investment in Uganda's developing sector by exposing these projects to global stakeholders in Cape Town. Projects such as the EACOP present the unique opportunity for local companies to actively participate in the country’s oil and gas sector, not just as commission agents, but as active participants. By seizing the opportunities brought about by the EACOP, and targeting partnerships and joint ventures with regional actors, local companies will be enablers of a successful oil and gas industry in Uganda.
 
Source : www.ogafnz.com
Posted On: 8/6/2021 12:00:00 AM

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