Today marks a significant moment for the Government of Uganda as it joins forces with the private sector to highlight the potential of the country’s oil and gas sector.
The Ministry of Energy and Mineral Development, under the leadership of Honorable Ruth Nankabirwa, emphasizes the importance of partnering with the private sector. This collaboration aims to showcase the advancements and opportunities within Uganda’s oil and gas industry.
The partnership between the Government of Uganda and the Uganda Chamber of Mines and Petroleum has been ongoing for several years. Together, they have achieved numerous milestones, particularly through past Oil and Gas Conventions.
The Oil and Gas Convention 2024 holds special significance as Uganda is currently in the development stage of its oil and gas sector. Anticipation is high for commercial production expected to begin next year.
Despite the forthcoming commercial production, the convening of the Oil and Gas Convention 2024 signals a positive outlook for the future of Uganda’s oil and gas sector. Discussions at the convention build upon key topics addressed at COP28 in Dubai in late 2023, particularly regarding the global future of the oil and gas industry.
COP28 proposed a gradual transition away from oil and gas resources, aligning with global trends. However, Uganda’s planned oil and gas boom is expected to commence with ‘first oil’ in 2025, extending beyond the proposed transition period.
The Oil and Gas Convention 2024 provides a platform to delve deeper into Uganda’s policies and plans for the sector. It also serves as an opportunity to identify any existing gaps and address them proactively.
Over the next two days, participants are expected to engage in candid discussions, highlighting the importance of the oil and gas sector in job creation and economic development for Uganda.
The foundation for Uganda’s oil and gas sector was laid with the introduction of the oil and gas policy in 2008. This policy paved the way for subsequent legal and policy frameworks driving investments in the sector.
Key among these policies is the National Content promotion, which aims to increase participation of Ugandan companies in the sector. Significant progress has been made, with a substantial portion of investments committed to local companies.
In terms of employment, the sector has made steady strides, with a significant number of Ugandans employed within it.
According to the Minister of Energy and Mineral Development, this demonstrates progress towards achieving national content targets and fostering economic growth within local communities.
