Uganda, through the Ministry of Energy and Mineral Development will host the 10th edition of East African Petroleum Conference and Exhibition (EAPCE)from 9 to 11 May, 2023 at Kampala Serena Hotel.
The Conference that is held once every two years aims at showcasing the East African Community (EAC) as a destination of choice for oil and gas investment opportunities to enhance socio-economic transformation.
According to the Minister for Energy and Mineral Development Ruth Nankabirwa, a visit to Uganda, the Pearl of Africa, will offer an opportunity to meet all the key stakeholders in the petroleum industry in the East African Region while at the same time having a treat of the gifted nature of Uganda’s flora, fauna and unrivalled weather along the equator.
“Uganda’s landscape encompasses the snow capped Rwenzori Mountains, Lake Victoria which is the largest freshwater body in the world and home to the source of the River Nile,” she said.
Nankabirwa noted that Uganda is a country of warm, friendly, and hospitable people who today take pride in the production of the finest Arabica coffee in the world as well as the exclusive tea, among others.
“Uganda is also known for its world- class sportsmen and sportswomen. It is also a great tourist destination with Uganda ranked as a top tourist destination and one of the only three countries with about 50% of the world’s known population of endangered mountain gorillas. During your stay in Uganda, please, find time to visit our national parks, source of the River Nile, the rare tree-climbing lions of Ishasha, white rhinoceros, elephants, bird species, among others,” she explained.
Uganda made the first commercial discovery of oil in 2006 and it is estimated that the country’s in place volume of oil resources to-date is six and half (6.5) billion barrels of oil equivalent, of which 1.4 billion is estimated to be recoverable in the Albertine Graben.
Uganda’s oil and gas resources are being commercialized through an oil refinery and crude oil export through the East African Crude Oil Pipeline (EACOP) that are being developed.
The Final Investment Decision for the upstream projects and the EACOP was announced on the 1st February, 2022 and project developments are ongoing with a target of First Oil in 2025.These developments are expected to attract approximately United States Dollars Fifteen Billion (USD15B) into Uganda in the next 3 years.
She said this creates immense investment opportunities in the oil and gas sector and other supporting sectors such as housing, health, manufacturing among others.
“In addition, the country intends to launch the third licensing round during the conference in order to foster continued exploration for additional petroleum resources required to sustain the Refinery and EACOP. This presents additional investment opportunities in areas of exploration, development and production,” said Nankabirwa.