Browsing: oil and gas firms in Uganda

Delayed oil production could affect economic outlook - World Bank

The World Bank said that Uganda should work on the processes for the Final Investment Decision (FID) by the oil and gas firms, saying further delay will undermine the country’s economic outlook.

Delays in oil exports beyond 2024 could lead to liquidity pressures in the country warns that the released 14th Economic Update, a bi-annual publication by the World Bank.

“Subsequent delays in oil exports beyond 2023/24 could result in liquidity pressures, given the current heavy borrowing for oil sector related infrastructure that is relying on an enhanced repayment, capacity from oil exports, and especially if more non-concessional borrowing occurs,” the report cautions in its Economic outlook and risks.

Presenting the findings at an event held in Kampala, Mr Richard Walker, a senior economist with the World Bank, said that the recent termination of the Tullow deal has increased uncertainty for oil sector-related investments in the country.

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