An official of the Petroleum Authority of Uganda has commended the management of Department of Petroleum Resources (DPR)’s professional conducts in carryout its regulatory activities in the oil and gas industry.
Mrs Betty Namubiru, Manager, National Content, Petroleum Authority of Uganda (PAU), gave the commendation in Lagos during their official visit to the agency in Lagos.
Namubiru said that the essence of the visit was to learn from Nigeria DPR’s operational activities in the oil and gas sector and imbibe some the working models adopted by the agency.
She said the PAU officials were on a fact-finding mission on how best Uganda’s national petroleum could be optimised for the benefit of its incoming investment to Uganda as a result of construction of the oil facilities and development of the crude oil production.
“We are truly inspired with the professional engagement of the agency in the Nigerian oil and gas industry. We are here to learn from Nigeria on how it has been able to benefit from the oil and gas sector.
“We are at the moment; Uganda oil reserves estimates remain six billion barrel and the estimates of one billion barrels is the recoverable volumes at the `current condition’.
“These reserves can be increased to 1.4 billion barrels from contingent resources, which are qualities of oil and gas estimated to be potentially recoverable but currently not considered to be commercially recoverable due to one or more contingencies,’’ she said.
The PAU manager said that the Uganda was going into development stage of production, saying that about 20 billion dollars investment had been in the oil and gas to help in the construction and development of the upstream and midstream projects.
“The outlays for this year is part of the close to 20 billion dollars that the government expects over the next three years as joint venture oil company partner to step up activities to commercialised Uganda’s petroleum resources.
“Uganda expects to reach fully-fledged oil production in the next five years following impressive oil exploration result in the Lake Albelt Valley.
“Oil output is then expected to keep rising and reach full-scale in the next five years. By that time, Uganda expects to produce between 40,000 and 60,000 barrels of oil per day,’’ Namubiru said. (NAN)