Uganda’s oil and gas industry is expected to rake in investments worth over US$ 1 billion this year,according to senior energy ministry officials.

The outlay for this year is part of the close to US$20bn that the government expects over the next three years as the joint venture oil company partners step up activities to commercialize Uganda’s petroleum resources which were discovered over a decade ago.

The development of the upstream projects are being taken forward by the three joint venture partners, CNOOC Uganda Ltd, Total E&P Uganda and Tullow Uganda Operations Pty Ltd.

Eng. Irene Muloni, the Minister of Energy and Mineral Development said recently that the government expects a pick-up in activity in the sector this year following a calm 2018 that involved designs of key production infrastructure such as the East African Crude Oil Pipeline and the two central processing facilities.

She said the government has also revised its timelines for first oil by 24 months to 2022 following a series of missed deadlines.

Source: Independent