Today, at State House Entebbe, President Yoweri K Museveni hosted a delegation from Total Energies, led by Mr. Nicolas Terraz, the President for Exploration and Production. The meeting aimed to discuss various aspects of the crude oil industry in Uganda and address key issues pertaining to exploration, production, and stakeholder engagement.
During the meeting, President Museveni and Mr. Terraz discussed strategies to harmonize crude oil supply in Uganda. This included exploring ways to optimize production processes and ensure a steady and reliable supply of crude oil to meet both domestic and international demand.
Additionally, the delegation and Ugandan officials reviewed funding arrangements to cover gaps in the financing of oil projects. Securing adequate funding is crucial for the successful implementation of oil exploration and production activities, and discussions centered on ways to mobilize resources from shareholders and other sources to support ongoing and future projects.
Stakeholder engagement was another important agenda item during the meeting. President Museveni and the Total Energies delegation engaged with various stakeholders involved in the oil industry, including government agencies, local communities, and environmental groups. These discussions aimed to foster collaboration and address any concerns or issues raised by stakeholders regarding oil exploration and production activities.
Furthermore, the meeting addressed the matter of payments for Ugandan sub-contractors involved in oil-related projects. Ensuring timely and fair payments to local contractors is essential for supporting economic development and fostering local participation in the oil sector. President Museveni and Mr. Terraz explored strategies to streamline payment processes and ensure that Ugandan sub-contractors receive their dues promptly.
According to Museveni, the meeting with Total Energies delegation marked a significant step in the ongoing collaboration between the Ugandan government and international oil companies. By addressing key issues such as crude oil supply, funding gaps, stakeholder engagement, and payments to local contractors, both parties demonstrated their commitment to advancing the development of Uganda’s oil industry in a sustainable and mutually beneficial manner.
The President expressed his optimism that as discussions continue and collaborative efforts intensify, stakeholders remain hopeful that Uganda’s oil sector will contribute to the country’s economic growth and prosperity while adhering to environmental and social responsibility standards.
