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Uganda Attends Opec First Meeting in Vienna

OPEC has a strong effect on the overall oil market, particularly on the price of oil. The member nations usually meet each year and make important decisions regarding oil production. They usually take into account the current conditions of the oil market.
01 Dec 2017 19:19
Engineer Irene Muloni at the 17th meeting of OPEC in Vienna
Uganda attended the firstOrganization of the Petroleum Exporting Countries meeting as the country prepares for first oil by 2020.

Energy and Mineral Development Minister, Engineer Irene Muloni led the Ugandan delegation to the 17th OPEC meeting that took place on Thursday in Vienna Austria. Uganda is not yet a member of OPEC but a statement from Energy Ministry in Kampala says Uganda attended the meeting following an invitation from OPEC headquarters.

Muloni in September this year revealed that Uganda plans to join OPEC by 2020. Muloni during the Vienna meeting revealed that Uganda's oil and gas resources base is expected to increase as government opens up to further petroleum exploration programs through the award of new exploration licences.

She said Uganda' petroleum exploration has been successful with commercial petroleum resources estimated at 6.5 billion barrels of crude oil in place, with an estimated 1.4 – 1.7 billion barrels of recoverable reserves.

Muloni revealed that the recoverable reserves are expected to increase with the implementation of high-end technologies to enhance recovery. Uganda's gas resources according to the Minister stand at 500 billion cubic feet of associated gas and 173 billion cubic feet of non-associated gas.

The oil and gas resources according to the Minister have been discovered in less than 20% of the total prospective acreage. Nine (9) petroleum production licences were awarded in respect of different oil and gas fields.

These licences are operated by TOTAL, CNOOC and TULLOW. The new entrants with exploration licences are Oranto Petroleum and Armour Energy of Australia. 

Muloni used the occasion to woo more investors to the country's oil and gas sector. She said the commercialization masterplan for the discovered resources includes in-country refining and export of crude oil to the international market.

She said Uganda recognizes and commends the role played by the Organization of Petroleum Exporting Countries (OPEC) since its inception in 1960 as far as realization of fair and stable oil prices on the international market is concerned.

Uganda was  been inspired by Gabriel Mbaga Obiang Limathe Minister of Mines, Industry and Energy from the Republic of Equatorial Guinea, one of the Speakers at the 3rd Uganda International Oil and Gas Summit (UIOGOS).

President Museveni and Energy Ministry officials also visited Republic of Equatorial Guinea this year. Republic of Equatorial Guinea is one of the latest members of OPEC.

OPEC has a strong effect on the overall oil market, particularly on the price of oil. The member nations usually meet each year and make important decisions regarding oil production. They usually take into account the current conditions of the oil market.