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France eyes Uganda oil as the biggest investor

As Uganda prepares for the oil production stage in 2020, many companies have come up to partner.

On Tuesday, 46 French business delegates representing more than 30 French companies in the oil and gas sector explored investment opportunities in Uganda.

The delegation networked with the Ugandan business community at the residence of Stephanie Rivoal, the French ambassador to Uganda, in Nakasero. She revealed that France is set to become the biggest investor in Uganda due to their involvement in the oil projects.

Thereafter, the delegation attended the oil and gas business forum at Sheraton hotel. At the event, Simon D’Ujanga, the minister of State for energy, said Uganda government’s policy is to encourage private sector investment in the oil and gas industry.

He also observed that since the discovery of oil in 2006, significant investments have been made in the sector, adding that in 2011, Uganda attracted the highest FDI in EAC, especially in Oil and gas and mineral sectors, thanks to its conducive investment climate.

“To date, 6.5 billion barrels of oil have been discovered with 1.4 to 1.7 billion barrels recovery rates, a 500 billion cubic feet of non-associated gas and under 200 billion feet of associated gas, just from 40 per cent of the exploration areas,” he said.

He further noted that Uganda’s oil and gas sector is at a critical stage as it transitions from exploration to production. He revealed that government has so far issued nine production licences and is evaluating three more ahead of the production phase.

Dr Elly Karuhanga, chairman Uganda Chamber of Mines and Petroleum (UCMP), described the visit of the French firms as historic.

“We have confidence in Total; one of the top oil companies in the world coming from France which is not an oil-producing country. We would like France to help skill our people and help make Uganda’s oil industry a benchmark for the whole of Africa,” he said, adding that French language would be an added opportunity in this endeavor.

He encouraged the French investors to make Ugandans part of their investments, assuring them of political and economic stability.

“Ugandans are aware that capital is a coward; it will run away as fast as possible if threatened by political and economically instability. We will not nationalize your companies”, he reassured.

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Comments   

+1 #1 Akot 2017-12-02 17:25
France needs more money for public services that is being upgraded: education-health-unemployment benefits-security-roads-social allowances to those without income but MUST be housed/fed & even when Education is free & compulsory up to 16 years of age, France gives every child money at beginning of school year!

Now with temperature - 0°, every French Mayor has opened shelters for those who don't have & this einclude refugees-migrants living in jungles/on streets & they are well fed/kept warm!

So, how many Ugandans will benefit from this oil under a government that is not there for the people?

Do we still wonder why Africans prefere dying trying their way out of hell?
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0 #2 Akot 2017-12-02 17:39
Africa natural resources built Europe & will continue to do so!

Well, B.Obama is touring Europe to support/bolster good governance & he is in France today!

But Obama has not said a word about Kenya & is unconcerned about uncertainty/fear of Kenyans face to Odinga's destructive effort to destroy the country, even when he didn't dare rerun, yet says he is going to be sworn president!

Can Africans imagine what Kenya would be if Obama backs U.Kenyatta NOW, at a time the president really really needs help to stop Odinga continuing setting fire for no reason?

How can Obama whose father is Luo, just stay quiet & not say NO to Odinga giving no chance to a start for the country?...
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0 #3 Akot 2017-12-02 17:53
...Even when Akot has no power & even Acholi get mad at Akot, Akot still comments, hoping Ugandans do the right things & stop museveni before he owns the country!

Will Obama go to Kenya one day, after ignoring them when they need him now, to pay respect to his family grave yard & in what state will Kenya be then if Odinga is left free to set fire & enjoy Kenyans' fear-sufferings-destruction so freely as if he has the right to?

I can understand other Americans/Eurupeans politicians keeping queit on Uganda/Kenya..., but how can Obama do so when he can help by just supporting U.Kenyatta, more so Kenya is not a country for just Kenyans but for the rest of the zone too!

Africa natural resources are good for Europeans but they are insensitive to our sufferings-humiliation-lack of know how-poverty, while they join the museveni's in looting our lands!
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