The newly established Uganda National Oil Company received an international recognition at International Oil and Gas summit in South Africa.
The company’s Chief Executive officer Josephine Wapakabulo said “UNOC has a very specific mandate and role to play in the setup, growth and development of the Ugandan oil industry. Winning this award indicates we are starting from a solid base as far as our strategic direction is concerned,” she is quoted in a company statement.
She added: “The Ugandan oil and gas industry is still at a nascent stage, our ability and the willingness to put in place the necessary structures to ensure we are able to maximize the opportunities this finite resource presents for the country is, therefore, very important; strategic planning is key to this process.”
The goal for its creation is to ensure the sustainable utilization of discovered petroleum resources to contribute to early achievement of poverty eradication and create lasting value to society.
One of the key objectives to ensure an adequate, reliable, and affordable supply of quality petroleum products in the country. The petroleum deposits discovered so far are estimated at 6.5 billion barrels, of which 1.4 billion barrels are considered recoverable