The Uganda National Oil Company’s (UNOC) CEO Josephine Wapakabulo, stated that the company won the award of the best national oil company presentation at an oil and gas forum in South Africa, All Africa reported.
The award comes less than three months since UNOC has launched its formal operations. The company was tasked with taking care of Uganda’s commercial interests in the oil and gas industry, according to New Vision.
Wapakabulo added: “the Ugandan Oil and Gas industry is still at a nascent stage, our ability and the willingness to put in place the necessary structures to ensure we are able to maximize the opportunities this finite resource presents for the country is, therefore, very important, strategic planning is key to this process.”
It is noted that Uganda has discovered about 6.5b barrels of oil, of which around 1.2b to 1.7b is thought to be recoverable. Furthermore, the Ugandan government projects it will earn at least $2b every year when oil production starts in 2020. Current production sharing agreements award the state 15% of oil outputs during exploration and development phases. Once commercial production starts, the government will takeover full care of its interests through UNOC.