President Museveni has urged several British investors led by Lord Popat Dolar of Harrow to invest in Uganda’s budding oil industry, Chimp Corps report.
Uganda hopes attract investment worth $20bn in the oil sector within the next four years.
According to the Petroleum Authority of Uganda (PAU), by 2016, at least $3.4 billion had been invested in Uganda’s oil industry, with approximately 28 percent retained in the country.
The Authority notes at least an estimated $20 billion would be invested in Uganda in the next 4 – 5 years in the development of over 15 fields ($8-9 billion) and construction of the refinery ($4-5 billion).
At State House Entebbe on Wednesday, Museveni met investors from several British companies who are in Uganda to look at possible investment opportunities in the oil and gas sector.
President Museveni informed his guests that there is need to do further exploration of hydrocarbons in Uganda because the oil that has been discovered in the country only covers 40 percent of the area.
“There is more to discover in the area. 60 percent of the area still needs exploitation. The job here is to discover if there is enough quantity of oil and gas to consider for commercialization,” he said.
The President also advised the UK investors to consider establishing training schools in order to equip Ugandans with oil and petroleum skills in preparation for the upcoming oil sector in the country.
More investment is expected to come with the development of the East African Oil Pipeline ($3.6 billion) and the construction of supporting infrastructure, besides the new round of petroleum exploration.
Other areas that the President brought to their attention for investing in and to co-operate with Uganda include the agro-processing industries and infrastructural developments like roads and the refurbishment of the old railway routes.