Business

Take Advantage Of Oil Production Delay

By Damba Rogers

Ugandans have been advised to take full advantage of the delays in oil production to prepare adequately to be able to participate optimally.

Giving his presentation at this year’s national oil symposium in Kampala, Mr. Kiryowa Kiwanuka who doubles as a board member petroleum authority of Uganda notes that the impacts of the delayed final investment decision in Uganda’s oil and gas sector on the economy are healthy and will save the country from future huge problems.

Kiryowa also cautions Ugandans from other sectors not to rush and join the virgin sector, saying this will kill other sectors.

Meanwhile, Daniel Mulyowa notes that Uganda should highly consider value addition to the country’s oil as this will help spur faster household and economic growth.

Kiryowa Kiwanuka confirms that the country currently has USD.6 billion barrels of stock tank oil out of 21 discoveries and projects USD.535 million will be earned annually when Uganda starts commercial oil and gas production.

Currently, Uganda has only explored 10% of her oil ever since it discovered commercial oil production 16 years now.

 

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