Hon. Ruth Nankabirwa, Minister of Energy & Mineral Development of Uganda, will be driving discussions on East Africa’s energy future and the role the EACOP will play in bolstering energy security and independence during the 2023 edition of African Energy Week.
African Energy Week (AEW) is set to make a strong return this year with a slate of high-level Ministerial speakers making their way to the continent’s premier event for the oil and gas sector to discuss the future of African energy. Under a mandate of making energy poverty history by 2030, the event serves to increase investment across Africa’s entire energy value chain in pursuit of energy security and stability, this year and beyond.
Stepping into this picture, the African Energy Chamber (AEC) is proud to announce that Hon. Ruth Nankabirwa, Minister of Energy & Mineral Development of Uganda, will be coming to Cape Town this October to drive discussions on the state of play of the East African energy sector, and where the upcoming East African Crude Oil Pipeline (EACOP) fits into the region’s energy security agenda.
Following her appointment as Minister in June 2021, Hon. Nankabirwa has made considerable efforts to expand the Ugandan energy sector, making sure on her mandate of providing direction and guidance to energy sector players while opening up the sector for long-term and sustainable investment.
One of the country’s biggest energy developments and the Ministry’s priorities for 2023 is the construction of the EACOP, a 1,443km pipeline set to transport oil produced from Uganda’s Lake Albert oilfields to the port of Tanga in Tanzania destined for international markets. The pipeline, for its part, represents a critical solution for allowing the country to monetize its 6.5 billion barrels of oil reserves and 0.5 trillion cubic feet of gas, opening up opportunities for revenue generation, job creation and improved energy security across both the country and the region: a region much in need of fuel security. Faced with opposition from environmentalists, the EACOP’s construction has seen significant delays. However, in 2023, efforts to get the project off the ground are well underway with the approval of the license for the construction of the pipeline granted by the Uganda government in January 2023, all thanks to the commitment of Hon. Nankabirwa.
Additionally, eager to unlock new discoveries, the Ministry of Energy & Mineral Development, led by Hon. Nankabirwa, is set to launch its third oil licensing round this year. As such, regional and global upstream players are invited to participate in one of the world’s final frontiers for exploration. During AEW 2023, Hon. Nankabirwa will provide an update on the round, while offering potential investors the chance to sign deals and secure their participation in the growing Ugandan market.
“Uganda’s oil and gas market offers some of the most attractive opportunities for players worldwide, with a strong portfolio of untapped, recoverable reserves, opportunities across frontier basins, and market-driven fiscal terms incentivizing large-scale investment. With the construction of the EACOP – one of the most important large-scale hydrocarbon developments in Africa – currently underway, Uganda is well positioned to change the trajectory of the East African energy sector, while unlocking a new era of energy security and regional collaboration in Africa,” stated NJ Ayuk, Executive Chairman of the AEC, adding that, “AEW 2023 offers global investors with the unique opportunity to connect with leaders across the Ugandan energy market. With discussions led by Hon. Nankabirwa, opportunities for new deals to be signed, partnerships formed and development kicked off are in sight.”
Meanwhile, in addition to progressive developments across the oil and gas landscape, Uganda’s power sector is seeing resurgence on the back of green energy, with a suite of players entering the market in the hopes of capitalizing on the country’s significant renewable energy potential. With the capacity to produce upwards of 2,000MW of hydropower; government targets to install up to 1,000MW of solar power by 2027; and with wind speeds surrounding Lake Victoria offering tangible opportunities for monetization, Uganda’s green energy market presents lucrative prospects for investors and project developers alike. However, challenges associated with lack of financing present barriers to growth, and as such, Hon. Nankabirwa will be engaging investors in Cape Town, making a strong case for Uganda-directed investment.
During AEW 2023, Hon. Nankabirwa will be leading hydrocarbon-focused forums, investor summits and regional dialogue, laying the foundation for robust developments to kick off on the back of new insight provided regarding Uganda’s energy landscape. Investors and project developers are encouraged to seize the opportunity to connect with both Hon. Nankabirwa and the number of other high-level speakers who have already confirmed their participation at the biggest gathering of energy stakeholders on the continent, AEW 2023 taking place in Cape Town from October 16-20.
