President Yoweri Museveni has said that as the petroleum, gas and oil resources are finite and not renewable, the money that accrues from that energy sources should not be squandered.
President Yoweri Museveni has said that as the petroleum, gas and oil resources are finite and not renewable, the money that accrues from that energy sources should not be squandered but rather be invested in durable areas to build the country’s infrastructure needs and further develop capacity of the country.
Speaking at the ceremony of the inauguration of the Board of Directors of the new National Petroleum Authority and the National Oil Authority at State House, Entebbe yesterday, Museveni cautioned members of the two bodies that it is now their responsibility to take on the wars of developing the country’s economy for the grand-children, the future generation of Uganda.
"In Uganda, we have discovered 40% of oil in the target areas and 6.5 billion barrels will be yielded from the target areas. This is enough to support commercial production. The remaining 60% is where oil is suspected but not confirmed," he said.
The President said the petroleum industry is linked to by-products like gas, fertilizers and pharmaceuticals, among others and urged them to use the chance of the availability of the petroleum resource in the country to create a strong development capacity for Uganda.
He also noted that this was the time to build the human resource that will also be used for many other projects for the benefit of Uganda.
President Museveni commissions the Petroleum Authority of Uganda headed by Jane Mulemwa and the Nationaly Oil Company headed by Emmanuel Katongole.
The Minister of Energy and Mineral Development, Hon. Irene Muloni Nafuna thanked President Museveni for the continued guidance and support that he has always extended to the oil and gas sector in the country especially in the process of formulating the legislations and creation of the Petroleum Authority of Uganda and the Uganda National Oil Company.
She also commended the President for the continued wisdom that he has always given regarding the management of the oil and gas sector with a view of ensuring that the sector makes a significant impact in the transformation of Uganda by contributing to early achievements of poverty eradication.
The Minister reported that in order to ensure efficient management of the petroleum resources in the country, the government had enacted the Petroleum Exploration, Development and Production Act 2013 and also the Petroleum Refining, Development, Storage and Transportation Act 2013 that have led to the creation of the Petroleum Authority of Uganda and the Uganda National Oil Company respectively.
The Petroleum Authority of Uganda has seven members headed by Jane N. Mulemwa.
Other members include Reuben Kashambuzi, Dr. Immaculate Semanda Nakimera, Peter Lominit, Doreen Kabasindi Wandera, Eng. Patrick Nakoko and Kiryowa Kiwanuka.
The Uganda National Oil Company is headed by Mr. Emmanuel Katongole.
Other members include Francis Nagimesi, Batebe Irene, Twinamatsiko Francis, Grace Tubwita, Mr. Godfery Andama and Biwanga Stella Marie.
Invest energy resources in development capacity - Museveni