Energy News

President Museveni Set to Defend EACOP at Africa Energy Week in SA

President Yoweri Museveni will deliver a presidential keynote address at the African Energy Week 2022 set for October 18 – 21 in Cape Town.

According to the African Energy Chamber (AEC), the Ugandan president will address African energy policymakers, stakeholders and investors as well as international partners at the 2022 edition of the conference and exhibition – Africa’s premier event  for the energy sector.

President Museveni will be making a strong case for the role of the EACOP as well as the various other developments underway across the region. The East African Crude Oil Pipeline (EACOP) is a proposed 1,443-kilometer pipeline that will transport oil from Hoima, Uganda to the port of Tanga in Tanzania

Under the theme ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment,’ AEW 2022 is the ideal platform for Museveni to provide an update regarding the development of Uganda’s Tilenga oil and gas fields as well as the EACOP while highlighting the importance of oil and gas for Africa’s energy future.

“With global energy transition policies disrupting the flow of investments required to maximize the full development and exploitation of Africa’s vast hydrocarbon resources, the participation of President Museveni at AEW 2022 will be crucial for defending Africa’s rights to maximize the continent’s oil and gas resources,” said AEC in a statement.

NJ Ayuk, the Executive Chairman of the AEC welcomed President Museveni’s participating in the conference.

“The Oil and Gas Industry is privileged to host President Museveni at AEW 2022 as African regulators and energy stakeholders unite to position Africa as a global energy investment destination,” Ayuk said.

In showcasing Africa’s energy potential for driving long-term and sustainable socioeconomic development and turning the continent into a global energy and economic powerhouse, Museveni will make a strong case for partnerships and investment opportunities across Uganda’s entire energy value chain as the East African country eyes to enhance the development, exploitation and monetization of its over 6.5 billion barrels of crude oil reserves and 0.5 trillion cubic feet of natural gas for energy security, job creation and economic growth.

With over 600 million people across the African continent living in energy poverty and yet much of the continent’s oil and gas resources remain largely untapped, AEW 2022 represents the ideal platform to highlight the continent’s massive oil and gas potential in making energy poverty history by 2030, while at the same time calling for improved investment into African energy developments to both continental and international energy companies and investors.

In 2022, improved cooperation amongst African governments and energy market players remains of vital significance for the African energy sector, with cross-border collaboration recognized as crucial for boosting upstream, midstream and downstream activities as well as the utilization and monetization of oil and gas resources. In this regard, President Museveni will make a strong case for best practices to enhance partnerships between African national oil and gas companies, independents and regulators in addressing critical industry challenges such as a lack of investment and continued declines in output in legacy projects.

While Uganda represents a relatively new hydrocarbons market, the country’s oil and gas potential is significant, and yet, environmental organizations continue to restrict the country from maximizing its resources. The country’s most notable development, the monumental 1,443km, 216,000 barrel per day East Africa Crude Oil Pipeline (EACOP), continues to be met with disruptions despite the potential this development has for the entire East African region.

“With Uganda seeking to create more employment opportunities, ensure economic growth and fight poverty, fast-tracking existing hydrocarbon energy developments and kickstarting new exploration campaigns is key to unlocking gross domestic product growth and stability. This President has shown a lot of courage in defending Uganda’s right to produce oil and gas and has been a strong voice for a Just Energy Transition” states NJ Ayuk, the Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Week (AEW).

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