During the 2023 edition of African Energy Week (AEW), the “Invest in Uganda Energies” country spotlight highlighted investment and partnership opportunities in Uganda’s energy sector. Sponsored by Uganda’s National Oil Company (NOC) and featuring key public and private sector participants, the session focused on Uganda’s energy journey, emphasizing fresh investment prospects in East Africa’s energy hub.
With approximately 1.4 billion barrels of recoverable crude oil reserves and significant gas resources, Uganda has become one of Africa’s rapidly growing energy markets, attracting global energy companies and investors.
Uganda is set to achieve first oil production in 2025, following the Final Investment Decision for the $10 billion Lake Albert Development, a project encompassing the Kingfisher and Tilenga oilfields, and the 1,443km-long East African Crude Oil Pipeline (EACOP). This project involves key players such as TotalEnergies and the China National Offshore Oil Corporation.
The country is working to build an investment portfolio of over $10 billion to develop recoverable oil resources while advancing the downstream sector.
In addition to the EACOP, Uganda is welcoming foreign investors to support various infrastructure projects in the mid- and downstream sectors, offering opportunities for refining, transportation, service provision, and associated industries.
Uganda also boasts substantial renewable energy resources, with over 80% of its energy generation coming from hydropower. The country aims to double its generation capacity by 2040, with a strong emphasis on renewable energy sources.
A key focus of #AEW2023, held in Cape Town from 16-20 October, is the theme “The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization, and Free Markets.” The event seeks to address energy poverty and promote sustainable development.
AEW2023 is dedicated to eradicating energy poverty by 2030, making it a significant milestone in the energy sector’s progress.
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