President, Total boss discuss oil development

By Vision Reporter

President Yoweri Museveni has called on oil companies to exploit the investment potential in Uganda to achieve maximum returns on their investments.

The President was recently meeting Jacques Marraud des Grottes, the Total vice-president of exploration and production at his county home in Kisozi, Gomba district.

Museveni and Marraud des Grottes discussed the development of the oil industry, including the construction of the oil refinery and pipe line.

In addition to its recently acquired interests in Uganda, Total has stakes in exploration and production in Mozambique, Kenya, Tanzania and the Democratic Republic of Congo.

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. The country estimates total crude reserves at 3.5 billion barrels.

The meeting was attended by Uganda’s energy and mineral development ministry Eng. Irene Muloni and finance state minister Fred Omach.