Uganda National Oil Company (UNOC) has become a gold sponsor of the African Energy Week conference in Cape Town.
The move underscores UNOC’s efforts to attract investment for major projects, including the $5bn East African Crude Oil Pipeline (EACOP).
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EACOP, developed with TotalEnergies, CNOOC, and Tanzania Petroleum Development Corporation, will connect Uganda’s oilfields to Tanzania’s Port of Tanga.
“The lack of financing is a significant challenge for African oil and gas projects,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.
Uganda aims to start exporting crude by 2025, with EACOP expected to transport 246,000 barrels per day.
The project has secured $2bn in equity funding and seeks an additional $3bn in debt financing.
UNOC’s investment in EACOP includes an extra $35m to bridge the funding gap.
Uganda has increased its oil and gas sector budget from $120m to $246m for 2024/2025.
The African Energy Week conference will address financing challenges facing African oil and gas projects.
