THE Government has accelerated the process of formulating an oil policy that will provide a framework for effective petroleum resource exploitation and utilisation following the recent discovery of oil in the west of the country,
The policy is also intended to ensure that oil and gas resources at Kaiso Tonya in Hoima district are used well to foster development.
Key government agencies are currently holding a two-day workshop at the Windsor Lake Victoria hotel, Entebbe to review a draft policy that covers promotion, licensing, exploration, development, production, transportation, refining, distribution, marketing and sale of oil and gas.
The Ministry of Energy permanent secretary, Fred Kabagambe Kaliisa, said the current policy still covers well the current stages of the petroleum value chain.
â€œThe national oil and gas policy that this workshop is contributing to will anchor the existing energy policy to better address development and production phases of the value chain. This is necessary given the recent development in the countryâ€™s exploration efforts,â€ Kaliisa said in a speech read by Michael Odong, the energy ministry undersecretary.
Reuben Kashambuzi, the commissioner of the petroleum exploration and production, said â€œWe can be an example to the rest of Africa on good governance in the oil industry. We havenâ€™t yet gone far, so we shouldnâ€™t lose the opportunity.â€
The Bank of Uganda, Ministry of Finance, National environmental management authority, Uganda wildlife Authority and the Uganda Revenue authority took part in the workshop.
Govt drafts oil policy