She started by saying how excited Uganda and the rest of the world was at the discovery of oil in the country , which is estimated at around 200 billion barrels, this figure representing only about 40% of the area explored. She said that Uganda was striving to ensure that this oil becomes a blessing to the country in the true sense, and will be so only if managed in the most transparent and accountable manner.
Uganda is looking forward to maximizing the proceeds from oil so that infrastructure can be built to help develop Uganda’s economy and move the country to the next level. In the medium term, the Energy and Mineral sector is looking at increasing the electricity generation capacity and the development of the electricity transmission and distribution network. She did not shy away from admitting that Uganda is still experiencing load shedding but assured the audience that the government was looking at exploiting the hydro potential along the Nile to increase the capacity that is paramount to the development of the economy.
It is planned to increase access to modern energy services through rural electrification and renewable energies, as well as to promote and monitor petroleum exploration and development in order to achieve local production, promote mineral investment through the provision of scientific data and capacity building.
She went on to enumerate the current energy development projects and opportunities back home. The first machine of 50 megawatts at the Bujagali dam is expected to come on line soon. The entire Bujagali dam will be commission next year in April, and is expected to produce 250 megawatts. Karuma hydro power project is expected to produce 600MW, Simba to produce around 100 MW and Ayago Power Station about 600MW, which are all at various stages of development. Each stage is offering opportunities to invest in. Transmission network has further opportunities to offer. The Diaspora can also contribute by entering into PPP, through equity, consultancy, construction work and equipment supply.
She stated that 5 out of the 11 exploration areas in the Albertine Graben have been licensed to international oil companies, and asked where the Ugandans were? She explained that many opportunities were presenting themselves as the first smaller refinery would be operative within 3 years, with an expected production increase within 5 years. New flight charters would be needed, as well as insurance services, civil construction for access road, environmental consultancy, provision of ICT services, security services, catering and camping services.
Further opportunities would be available in joint ventures, general works and construction, logistical services, geophysical surveys, refining and pipelines development, future chemical industries and capital for the emerging infrastructure, such as refining and transportation of petroleum commodities and products,
She concluded by saying that investment in the oil industry was priority number one for the Ugandan government and was ensuring any interested party that the whole industry was being managed in the most transparent and accountable manner, and that investors would get a sound return on their investment.