Uganda is gearing towards commercial production of oil in a bid to boost the oil and gas industry.
The minister for and industry, Amelia Kyambadde said oil production would lead to an increase in investment opportunities as well as job creation. “We must synergize in optimizing the use of assets, infrastructure, and mobilization of human resources to exploit these resources in an effective and efficient manner,” she added.
She also fired a caution of being “mindful of the anticipated challenges of windfall revenue, overdependency, and the resource curse.”
Ms Kyambadde was addressing delegates in the 4th Uganda International Oil and Gas Summit at the Kampala Serena Hotel. The Ministry of Energy and Mineral Development, the Uganda National Oil Company and Petroleum Authority Uganda organized the conference that saw over 1,000 participants attend the forum.
Speaking on behald of President Yoweri Museveni, prime Minister Dr. Ruhakana Rugunda, called for communication to enable the Government to clear any obstacles so that investment development can move smoothly. We will work with the stakeholders to remove any challenge.
He added, “What remains to be tested is the preparedness and readiness of you all and most especially the East Africans, our international partners, to take advantage of the industry and the expected $20 billion investment expected to flow in the country.”
“I want to reassure you all that Uganda is ready for business. We value investors. People who bring capital create jobs and bring revenue to the state.” the president’s speech read in part.
Uganda entered the oil and petroleum market after discovering 6.5 billion barrels of oil. The first oil production is set to take place in 2020. The oil reserves may account for around 4% of the country’s economy yearly, should they be managed well. The Government has invested billions of dollars in the sector and now wait for further investors to take the opportunities and increase the inflow of investments in the country.
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