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By Godfrey Olukya 15-3-2013
President Yoweri Museveni has called on the oil companies to exploit the investment potential in the country to achieve maximum returns on their investments.
‘We have a lot of oil in Uganda. Invest in it so that you get maximum returns and we also get resources for development.’ Museveni said.
The President said this while meeting Mr Jacques Marraud des Grottes the Vice President of Exploration and Production for Total at his country home in Kisozi, Gomba district.
Museveni and Mr. Marraud des Grottes discussed the development of the oil industry in Uganda including oil refinery and the oil pipe line in the offing. Total is an important player in East Africa’s Great Lakes region.
In addition to it’s recently acquired interests in Uganda, it has stakes in exploration and production in Mozambique, Kenya, Tanzania and the Democratic Republic of Congo. In 2010 the company reported revenues of 159 billion Euros (US$ 209 billion) and profits of 10.6 billion Euros (US$ 13.9 billion)
The recent oil and gas discoveries within the East African basin have primed the region as potential gas exporters in the world. Uganda struck commercial hydrocarbons in the Albertine rift basin near the border with the Democratic Republic of Congo in 2006.
According to reports, a total of 87 wells have since been drilled, 76 of which have been found to contain hydrocarbon deposits. Uganda estimates total crude reserves at 3.5 billion barrels.
The meeting was attended by Uganda’s minister for Energy and Mineral Development Eng. Irene Muloni, the Minister of State Minister for Finance (General Duties ) Fred Omach and other officials.
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