Uganda National Oil Company

Uganda National Oil Company
Parastatal
Industry Petroleum industry
Founded 2015
Key people
 Emmanuel Katongole
chairman[1]
Josephine Wapakabulo
chief executive officer[2]
Products petroleum, oil, gas

The Uganda National Oil Company (UNOC), also known as the National Oil Company of Uganda, is a limited liability petroleum company in Uganda and owned by the Ugandan government.[3][4] The 2013 Petroleum (Exploration, Development and Production) Act of Uganda provides for the establishment of the national oil company. UNOC's board of directors was inaugurated on 23 October 2015 by the president of Uganda.[3][4]

The board is chaired by Emmanuel Katongole, an economist and businessman. He is a co-founder of Quality Chemical Industries Limited, a pharmaceutical company in eastern Africa and the major supplier of anti-retroviral medications in Uganda.[5]

The board members include Francis Nagimesi, a former chief executive officer of the defunct Coffee Marketing Board of Uganda; Francis Twinamatsiko, a principal economist in the Ugandan Ministry of Finance, Planning and Economic Development; Grace Tubwita Bagaaya, a physical planner; Irene Pauline Batebe, a chemical/refinery engineer in the Petroleum Directorate of Uganda; Godfrey Andama, a senior geoscientist; and Stella-Marie Biwaga, a lawyer working with FIDA, Uganda.[1][3]

In June 2016, Josephine Wapakhabulo, an electric and electronics engineer, was appointed managing director and chief executive officer of UNOC, being the first person to serve in that position.[6][7]

Overview

The government of Uganda (GOU)'s goal as set out in the country's energy policy (2002) and National Oil and Gas policy (2008) is to ensure the sustainable utilization of discovered petroleum resources to contribute to early achievement of poverty eradication and create lasting value to society. One of the key objectives to ensure an adequate, reliable, and affordable supply of quality petroleum products in the country. The petroleum deposits discovered so far are estimated at 6.5 billion barrels, of which 1.4 billion barrels are considered recoverable.[8]

The state can participate with between 15 and 20 percent in production, according to existing production-sharing agreements between the state and the three oil exploration companies: Tullow Oil of the United Kingdom, Total Oil of France, and the China National Offshore Oil Corporation. It is the National Oil Company that will participate in production on behalf of the state. The Uganda Oil Refinery that is in the development phase calls for 40 percent participation by the state. The proposed national oil company will invest in the refinery on behalf of the state. It is also expected that the new oil company will maintain a petroleum products retail network.[9]

Plans are underway to develop a 60,000 barrel per day refinery that will serve Uganda and its immediate neighbours. The refinery is being developed on a private-public partnership basis (60 percent to 40 percent). GOU is in the process of finalising the selection process of a strategic investor who will take up the private shareholding. The refinery is expected to boost security of supply of petroleum products and provide an outlet for the discovered resources.[10]

See also

References

  1. 1 2 Ssekika, Edward (17 August 2015). "Uganda finally creates National Oil Company". The Observer (Uganda). Kampala. Retrieved 26 January 2016.
  2. ↑ Musisi, Frederic (2 June 2016). "Wapa's daughter to head National Oil Company". Daily Monitor. Kampala. Retrieved 2 June 2016.
  3. 1 2 3 Wambi, Michael (25 October 2015). "Museveni Commissions Petroleum, Oil Authorities". Kampala: Uganda Radio Network. Retrieved 26 January 2016.
  4. 1 2 Editorial. "Oil authority should have our interests at heart". Daily Monitor. Kampala.
  5. ↑ Monitor Reporter (18 October 2013). "Emmanuel Katongole: The founder of Quality chemicals". Daily Monitor. Kampala. Retrieved 26 January 2016.
  6. ↑ Musisi, Frederic (2 June 2016). "Wapa's daughter to head National Oil Company". Daily Monitor. Kampala. Retrieved 24 August 2016.
  7. ↑ Waswa, Sam (1 June 2016). "Josephine Wapakhabulo Named Uganda Oil Company CEO". Kampala: Chimpreports.com. Retrieved 24 August 2016.
  8. ↑ Musoke, Ronald (28 August 2014). "Uganda's oil reserves now estimated at 6.5 billion barrels". The Independent (Uganda). Kampala. Retrieved 26 January 2016.
  9. ↑ Ojambo, Fred (6 June 2013). "Uganda Draws Up Plan for National Oil Company to Steer Industry". Bloomberg News. Retrieved 9 May 2014.
  10. ↑ Omondi, George (10 April 2014). "EA leaders agree to build oil refinery in western Uganda". Business Daily Africa. Nairobi. Retrieved 26 January 2016.
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