Promoting Frontier Upstream Opportunities: UNOC Joins AEW 2023 as Gold Sponsor

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  • Promoting Frontier Upstream Opportunities: UNOC Joins AEW 2023 as Gold Sponsor

The African Energy Chamber is proud to announce that the Uganda National Oil Company has joined the African Energy Week 2023 as a Gold Sponsor.

Focused on attracting foreign investment to their upstream markets, African National Oil Companies (NOCs) are taking full advantage of the African Energy Week (AEW) 2023 conference. Poised to promote Uganda as a premier investment destination for upstream exploration, the participation of the Uganda National Oil Company (UNOC) as a Gold Sponsor at this year’s event – taking place from 16-20 October in Cape Town – will showcase the country’s promising oil and gas potential, as well as megaprojects currently underway in the East African region.

The UNOC’s CEO, Proscovia Nabbanja, will lead a delegation from the NOC and speak at the conference this October, where she is expected to provide insight into the company’s development agenda while engaging with stakeholders and promoting Ugandan upstream opportunities. As the NOC of Uganda, the UNOC is tasked with managing the commercial interests in the petroleum sector, ensuring that resource exploitation translates into tangible benefits for the country’s population.

Representing one of the few remaining oil frontiers on the continent, Uganda is estimated to hold up to 6.5 billion barrels of oil reserves and 0.5 trillion cubic feet of natural gas. Additionally, the country is home to a competitive fiscal regime and strong government support that has made it an increasingly attractive destination for foreign investment. Tasked with managing state participation in Uganda’s hydrocarbon market and holding a 15% participating interest in production licenses for discovered oil and gas fields, the UNOC currently oversees nine licenses encompassing 13 oil and gas fields, which are set to be developed through the country’s highly anticipated Lake Albert Development.

Uganda’s flagship upstream development comprises the Tilenga and Kingfisher oil projects, which are operated by oil and gas supermajor TotalEnergies and Chinese NOC the China National Offshore Oil Corporation (CNOOC), respectively. Meanwhile, in the midstream sector, development of the East African Crude Oil Pipeline (EACOP) megaproject will transport oil from Uganda’s fields to Tanzania’s Port of Tanga. Together, these projects are projected to reach a total production capacity of 230,000 barrels of oil per day.

The NOC’s contributions to the ongoing construction of the EACOP have been instrumental. Jointly owned by TotalEnergies (62%); CNOOC (8%); UNOC (15%); and Tanzanian NOC, the Tanzania Petroleum Development Corporation (15%), the crude oil pipeline will span approximately 1,443km and carries an estimated investment cost of $3.5 billion. The UNOC’s involvement in the project highlights its commitment to fostering regional cooperation and monetizing Uganda’s hydrocarbon wealth, both of which will be key discussion points at AEW 2023.

Additionally, the UNOC has been a critical partner in the development of the Kabaale oil and gas industrial park, which will comprise the country’s second international airport; crude oil export infrastructure; and petrochemical, natural gas, and oil refinery infrastructure. UNOC continues to advance the development of the proposed $4 billion, 60,000-barrel-per-day Uganda Refinery Project, with the Government of Uganda currently seeking a strategic partner for the project.

The UNOC is also actively involved in exploring and advancing new petroleum ventures in the East African country, seeking to expand Uganda’s petroleum resources and maximize the benefits derived from hydrocarbon reserves through strategic partnerships. Under the leadership of Nabbanja, the organization has been a driving force of the country’s hydrocarbon success, not only managing state participation in production licenses, but investigating, incentivizing, and proposing new petroleum exploration ventures.

“UNOC is spearheading a drive towards alleviating energy poverty in the East African region. The company’s strong pipeline of projects and collaboration with international energy companies is poised to unlock new opportunities for energy security, industrialization and growth in Africa,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

AEW 2023 is committed to strengthening investment and development across the entire energy value chain, and with the UNOC as a Gold Sponsor, the event anticipates discussions, deals, and engagement lead by the organization.

AEW is the AEC’s annual energy event uniting African governments and policymakers with global investors and project developers. Taking place under a mandate to make energy poverty history by 2030, AEW represents the biggest gathering of energy stakeholders on the continent and the official deal-signing platform for Africa’s energy sector. For more information about speaker, sponsorship, or partnership opportunities, visit https://aecweek.com.