President Yoweri Museveni has described the\nresources that will accrue from Uganda\u2019s oil and gas as stimulant that will\nenable the bigger economic sectors of government to grow.<\/p>\n\n\n\n
\u201c6.5 billion barrels of oil are confirmed in 40% of\nthe Albertine area. More is expected in Moroto-Kadam basin. This is not a lot\nof money, but it is useful money because it will act as a stimulant and will\ncreate a base for bigger sectors to grow. <\/p>\n\n\n\n
So, don\u2019t get intoxicated of oil\u2026oil\u2026African countries\nhave bigger potential in industry and tourism, among others, that are\nperennial,\u201d he observed.<\/p>\n\n\n\n
The President was yesterday opening a 2-day\nInternational Oil and Gas Summit at Kampala Serena Hotel that is being attended\nby delegates who are experts in the oil and gas industries as well as those in\nthe related sectors.<\/p>\n\n\n\n
President Museveni, who reminded delegates about\nthe history of oil exploration in Uganda, added that the oil and gas resources\nwill be used for the development of infrastructure like the construction of the\nrailway, crucial airfields that can give easy access to areas of tourism\nattraction, hydro-power dams, pay off debts and develop research centers. <\/p>\n\n\n\n
He, however, cautioned that great care is needed\nwhen handling the oil industry as it can develop into a curse.<\/p>\n\n\n\n
He further emphasized the need to negotiate good\nagreements with oil companies adding that no mistake made by other countries\nlike the flaring of gas, will be seen in Uganda.<\/p>\n\n\n\n
\u201cWe are in touch with the oil companies and the residual\nissues will be resolved,\u201d he stressed.<\/p>\n\n\n\n
The President also urged participants in the summit\nto take interest in the human resource; citing Japan that has neither minerals\nnor agricultural sector. He said there is potential for more consumption in\nAfrica in general and Uganda in particular.<\/p>\n\n\n\n
\u201cYou are at the right place at the right time whether\ndealing directly with petroleum or other related services,\u201d he told delegates.<\/p>\n\n\n\n
He commended his Tanzanian counterpart, President John\nMagufuli for the concessions of US$12.77 per barrel that he made.<\/p>\n\n\n\n
\u201cWe have been lucky to work with our brothers from\nTanzania on the pipe line. I need to salute President Magufuli for the\nconcessions he made of $12.77 fee per barrel,\u201d he said.<\/p>\n\n\n\n
The Minister of Energy and Mineral Development,\nEng. Irene Muloni, outlined the progress made between Uganda and Tanzania in\nthe planned construction of the crude oil pipe line from Western Uganda to\nTanga in Tanzania. <\/p>\n\n\n\n
The Minister of Trade, Industry and Cooperatives,\nHon. Amelia Kyambadde, outlined the role of her ministry in as far as the oil\nand gas industry is concerned.\n\nOther speakers\nincluded the Permanent Secretary of the Ministry of Energy of Tanzania, Dr.\nHamisi Nwinyimvua, who highlighted the importance of regional cooperation\nciting the oil pipeline that will bring together the people of the 2 countries –\nTanzania and Uganda. \n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
President Yoweri Museveni has described the resources that will accrue from Uganda\u2019s oil and gas as stimulant that will enable the bigger economic sectors of government to grow. \u201c6.5 billion barrels of oil are confirmed in 40% of the Albertine area. More is expected in Moroto-Kadam basin. This is not a lot of money, but […]<\/p>\n","protected":false},"author":27983,"featured_media":11464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[101],"tags":[31],"class_list":["post-11463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\n