OIL & GAS

EACOP CONTRAVERSY: Museveni to deliver keynote address at African Energy Week 2022 in Cape Town

AEW 2022 represents the ideal platform for President Museveni 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 (PHOTO/Courtesy).

President Museveni will be delivering a Presidential keynote address at African Energy Week 2022, addressing African energy policymakers, stakeholders and investors as well as international partners at the 2022 edition of the conference and exhibition.

The development has been confirmed by the African Energy Chamber (AEC) ahead of the Africa’s premier event for the energy sector which runs from October 18 – 21 in Cape Town.

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.

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 for President Museveni 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.

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, President 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.

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. As such, 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 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. 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.

Under the theme ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment,’ AEW 2022 is the ideal platform for President 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.

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