After 16 years, the wait is over, the Final Investment Decision has been signed. The commitment stands as an indicator that Uganda’s Oil and gas sector is expected to be profitable and bankable thus a worthy investment of between 15 to 20 billion dollars.
Speaking at the event, President Museveni took a swipe at non-governmental organizations de-campaigning the use of fossil fuels.
NGOs are people who have no work, but they spread a lot of confusion. My people at L. Albert were chasing them. I appeal to Ugandans in those areas, let the NGOs go and sleep in the bush if they want. There is nothing we are hiding. You leave them. In Europe, the more useless you are, the better. Here is Africa, we don’t allow useless people to walk around. You leave them; our allies might think we are hiding something,” President Museveni.
Patrick Pouyane the CEO of total Energies on behalf of the joint venture partners requested faster processes in project implementation so as to realize the 2025 deadline as well as facilitating the transition to cleaner energies.
To emphasize this, the ministry of energy signed a renewable energy memorandum with Total Energies development to produce 1 gigawatt of clean energy
The Minister of Energy and Mineral Development Ruth Nankabirwa, disclosed the next steps to be taken to have the first oil out of the ground in the first quarter of 2025.
UNOC, the company shouldering the commercial interests in the Oil and gas sector for Uganda, has so far financed the EACCOP with 130million Dollars as part of its 15% shareholding in the pipeline. However, 178 million dollars is pending to get the ball rolling.
It’s expected that this decision will attract foreign direct investments amounting to 48milliom dollars.