The Uganda National Oil Company Limited (NOC) is seeking to recruit a chief executive officer, other top officials and staff for the company. The board was inaugurated at the end of last year.
Emmanuel Katongole is chairperson of NOC. Other board members are Geoffrey Andama, Francis Nagimesi, Biwaga Stella Marie, Grace Tubwita, Eng. Irene Paulene Batebe and Francis Twinamatsiko.
The company was set up by Article 42 of the Petroleum (Exploration, Development and Production) ACT 2013 and incorporated under the Company's Act 2012. It was registered as a limited liability company at the end of June 2015 and wholly owned by Government.
The Petroleum Exploration, Development and Production Act 2013 provides for the establishment of a National Oil Company incorporated, under the Companies Act. The Act also provides that the National Oil Company shall be entirely owned by the State to manage Uganda's commercial aspects of petroleum activities and the participating interests of the State in the petroleum agreements.
Fred Kabagambe Kaliisa, the permanent secretary at the ministry of energy and mineral development said the company will be responsible for government's commercial interests in the oil and gas industry. He added that through the company, government can now participate in the oil industry hence significantly enhancing national content in the country's oil and gas sector.
"Now that we have incorporated the National Oil Company, Government is set to take up its position on the business side of the oil and gas industry," Kaliisa said.
The Production Sharing Agreements that government entered into with the licensed oil companies provide for government's participation through a carried interest of up to 15%. The licensed oil companies carry this interest for government during the exploration and development phases of the petroleum value chain. This carry ends upon commencement of production when Government starts to take full care of its interests through the National Oil Company.
The National Oil Company is also expected to handle government's interests in the refinery through a subsidiary. The state will hold a 40% share in the oil refinery which is planned to be built on a Public Private Partnership.