Petroleum Africa
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Wednesday, August 21, 2024
Contracts valued at $5 billion have been awarded for the Tilenga, Kingfisher, and EACOP projects, out of the $7.2 billion approved by the Petroleum Authority of Uganda (PAU).
According to Ugandan Minister for Energy and Mineral Development Ruth Nankabirwa Ssentamu in her recent media briefing, $2 billion — representing 41% of the total contracts awarded, have been allocated to Ugandan companies, underscoring a strong commitment to local content and ensuring that significant benefits from these projects are retained within the country.
The Minister also added that preliminary petroleum exploration studies are being conducted in the Moroto-Kadam Basin to assess its oil and gas potential. Similar surveys have started in the Kyoga Basin, with plans to initiate studies in the Hoima Basin soon. Early results suggest the potential for commercial oil and gas in the Moroto-Kadam Basin. These exploration efforts are expected to increase Uganda’s petroleum reserves, extend production beyond 25 years, and enhance the viability of midstream projects such as the Refinery and the East African Crude Oil Pipeline.
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