{{The Petroleum Exploration and Production Department has said that the oil resource confirmed is now 6.5 billion barrels from the fields studied.}}<\/p>\n
The resource is in the Albertine Graben which has been tested.<\/p>\n
The area tested presently represents less than 40% of the total area with the potential for petroleum production in the country, hence the potential for additional reserves.<\/p>\n
\u201cWe are now using data collected from our fields. Previous data was based on other fields for comparison,\u201d Ernest Rubondo, the commissioner for petroleum exploration and production said.<\/p>\n
Rubondo was speaking at an oil conference organised by the Leo Africa Forum and Konrad Adenauer Stiftung on resource management and making oil work for Africa mid-this week.<\/p>\n
Rubondo said the recoverable oil had also increased from 1.2 billion barrels to 1.4 billion barrels.<\/p>\n
He expressed disappointment that what was recoverable was still low compared to the large volume of the discovered resource.<\/p>\n
\u201cWe have to discover technology that can recover more. The US has discovered technology that can enable it recover more of their resources.\u201d<\/p>\n
The progress Uganda had made regarding oil, he pointed out, had taken a significant amount of effort, and that 20 years ago, many of the oil companies then said there was no opportunity for commercial oil production in the country.<\/p>\n
The official particularly praised the oil and gas policy and other laws that can regulate and protect the sector, the environment and see that Uganda benefits from the oil.<\/p>\n
\u201cWe took our policy to Nigeria. Nigeria has never had a policy; it is probably a reason they had many problems.\u201d<\/p>\n
Oil of DRCongo, a company exploring for oil in the DR Congo, recently announced finds of about three billion barrels in place. The DRC side of Lake Albert mirrors that of Uganda.<\/p>\n
Fred Kabagambe Kaliisa, the permanent secretary of the Ministry of Energy and Mineral Development, said recently that any development on oil in the region is a welcome development for not only Uganda but the entire region.<\/p>\n
\u201cHowever, further work needs to be done to establish the potential for and amount of resources on the DRC side of the Albertine Graben,\u201d he said.<\/p>\n
\u201cUganda and the DRC signed an agreement of cooperation for the exploration of petroleum resources and exploitation of common fields.<\/p>\n
\u201cThis framework has enabled some oil companies which have been licensed by the Government of DRC to use Uganda as a transit route for movement of their equipment, personnel and as a base for their operations.\u201d<\/p>\n
Emmanuel Katongole, the chair-elect of the National Oil Company said he and his team were waiting for their instruments of appointment from President Yoweri Museveni.<\/p>\n
Parliament recently vetted and approved the team.<\/p>\n
\u201cWe need to use the entrepreneurship spirit to run the company as a business where we can make profits and change the lives of Ugandans,\u201d Katongole said.<\/p>\n
\u201cUgandans need to take their destiny in their own hands. Where people are involved in wrong things they need to be brought to book.\u201d<\/p>\n
Peter Agela, a lawyer and researcher with Advocates Coalition for Development and Environment said Parliament has to streamline the role and financing of the National Oil Company.<\/p>\n
\u201cThe financing of the company is not clear.\u201d<\/p>\n
NV<\/p>\n","protected":false},"excerpt":{"rendered":"
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