JOHANNESBURG, South Africa, July 11, 2023/ — The African Energy Chamber (AEC) – the voice of the African energy sector – says the African Energy Week (AEW) 2023 – taking place October 16-20 in Cape Town – will host an Invest in Uganda Energies country spotlight, showcasing the various investment and partnership prospects available across the east African country’s energy sector.
Featuring high-level roundtables and panel discussions, technical presentations, exclusive networking and deal signings, the Invest in Uganda Energies forum at AEW 2023 will unite energy policymakers and companies with global investors, laying the foundation for deals to be signed.
Boasting approximately 1.4 billion barrels of recoverable crude oil reserves and significant gas resources, Uganda ranks among Africa’s fastest-growing energy markets and has emerged as an attractive investment destination for global energy companies and investors alike. The country aims to produce its first oil in 2025, having achieved a final investment decision for the $10 billion Lake Albert Development – comprising the Kingfisher and Tilenga oilfields as well as the 1,443km-long East African Crude Oil Pipeline (EACOP) – alongside TotalEnergies and the China National Offshore Oil Corporation in 2022. The development not only represents an important avenue for exporting Ugandan crude to international markets via the Port of Tanga in Tanzania but is set to provide a consistent supply of oil to a region in much need of reliable energy.
The Lake Albert Development has not only opened up opportunities for energy and economic growth but has showcased the potential for large-scale hydrocarbon developments in the country, and global players are already taking note. To further expand the upstream market, the Ministry of Energy and Mineral Development is set to launch its third licensing round in 2023 to unlock additional discoveries. The Invest in Uganda Energies spotlight at AEW 2023 will promote the country’s upstream opportunities, triggering newfound investment in the burgeoning industry.
On the midstream and downstream fronts, in addition to the EACOP, the country is inviting foreign investors to fund a series of infrastructure projects, both in-country and across the region. Representing a relatively new market, opportunities for players across the refining, transportation, service provision and associated industries are growing, and the AEW country spotlight will connect investors to opportunities.
In the renewables and power sectors, the government of Uganda is committed to accelerating the diversification of the energy mix by maximizing biomass, nuclear power, solar energy and green hydrogen production. Various projects are currently underway including the government-led Uganda Rural Electricity Access Project; an HDF Energy-led green hydrogen facility; and the Serengeti Energy-led Nyamwamba II hydroelectric project. Additionally, French energy major TotalEnergies has committed to building up to 120 MW of solar capacity in the county. However, the market remains largely untapped, and the Uganda country spotlight will showcase projects, and promote market potential while incentivizing new deals.
“The Chamber is proud to host key Ugandan decision makers alongside energy stakeholders and global investors during the Invest in Uganda Energies country spotlight at AEW 2023. We commend the efforts being undertaken by the Ugandan government to fast-track the development and monetization of both hydrocarbon and renewable energy resources and consider projects such as the EACOP to be crucial for the continent. During the country spotlight, further insight will be provided into Uganda’s energy opportunities and we look forward to a strong slate of deals that are expected to be signed,” states NJ Ayuk, the Executive Chairman of the AEC.
Under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets’, AEW 2023’s Invest in Ugandan Energies spotlight will connect global players to East African energy opportunities.
AEW is the AEC’s annual event uniting African energy stakeholders with global investors to discuss the future of African energy.
Distributed by APO Group on behalf of the African Energy Chamber.
