President Museveni to defend EACOP at Africa Energy Week

0
354

President Yoweri Museveni is set to deliver a presidential keynote address at the African Energy Week 2022 that will take place on October 18 to 21 in Cape Town.

From the African Energy Chamber (AEC), the Ugandan president will address African energy policymakers, stakeholders, and investors as well as international partners at the 2022 edition of the conference and exhibition – Africa’s premier event for the energy sector.

Mr. Museveni will enlighten on the role of the EACOP, and other various developments underway across the region.

The East African Crude Oil Pipeline (EACOP) is a controversial 1,443-kilometer pipeline proposal that will transport oil from Hoima, Uganda to the port of Tanga in Tanzania. Its construction is to be spearheaded by TotalEnergies.

The African Energy Week is to be held under the theme “Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment.”

The African Energy Week 2022, is an 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.

It’s going to be a big opportunity for the president to highlight insight importance of oil and gas for Africa’s energy future.

“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,” said AEC in a statement.

NJ Ayuk, the Executive Chairman of the AEC welcomed President Museveni’s participation in the conference.

“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,” Ayuk said.

In showcasing Africa’s energy potential for driving long-term and sustainable socioeconomic development and turning the continent into global energy and economic powerhouse.

“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.” Said Ayuk.

Chairman Ayuk added that the Ugandan 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.

Uganda’s 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.

The 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.

About 600 million people across the African continent live in absolute energy poverty, yet the energy remains untapped.

The African Energy Week 2022 will present the continent’s massive oil and gas potential in making energy poverty history by 2030. And it also calls for improved investment into African energy developments for 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.

The cross-border collaboration is recognized as crucial for boosting upstream, midstream, and downstream activities as well as the utilization and monetization of oil and gas resources.

Also read:-

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.

Uganda will represent a relatively new hydrocarbon 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here