Current Affairs

THIS WEEK: Shs72 trillion needed for investment in Uganda’s oil

By Joseph Lubandi

Posted on November 5, 2017

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THIS WEEK: Shs 72trillion needed for investment in Uganda’s oil

Kampala, Uganda | THE INDEPENDENT | Uganda will need about Shs72 trillion for investment in its development phase after transitioning from exploration.

Ernest Rubondo, the executive director of Petroleum Authority of Uganda said the investment is expected to spur jobs, revenues and oil related business activities.

Rubondo said the investment is significant compared to the Shs13 trillion that was sunk in the exploration phase over the last ten years.

He revealed this at an oil and gas conference in South Africa attended by national oil companies, governments, leading scientists, financiers and developers in the global oil industry.

According to government estimates, the country will earn Shs10trillion annually from oil revenues once production commences in 2020.

In August, the government signed an agreement with a consortium of American and Italian firms to construct and finance $4billion oil refinery in Hoima district.

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Source: Independent