Uganda’s first oil will be out of ground in 2025 – Museveni

President Yoweri Museveni addresses the nation at Uganda’s 59th Independence Day anniversary at Kololo Independence Grounds today (Saturday) October 9, 2021. (Courtesy photo).

President Yoweri Museveni has said that Uganda’s first oil will be pumped out of the ground by 2025.

Mr Museveni made the pronouncement today (Saturday) while presiding over the 59th Independence Day celebrations at Kololo Independence Grounds.

“First oil to be pumped out of the ground will be achieved by 2025 because all agreements have been signed,” he said.

On April 11, 2021, the East African Crude Oil Pipeline (EACOP) deal was signed by the stakeholders including Uganda, Tanzania, Total E&P and CNOOC, paving way for the development phase for commercial production of oil.

The signing of the multi-billion dollar deal took place at the launch of Tilenga Development Project at State House, Entebbe.

The signing would pave way for the construction of the EACOP at a cost of $3.5b.

Total E&P Uganda Limited now TotalEnergies is the majority shareholder in the deal with 72 per cent, followed by Uganda with 15 per cent, CNOOC is third with eight per cent while the Tanzanian government holds five per cent.

The 1,445km heated EACOP which is the longest in the world will begin from Hoima district up to the port of Tanga in Tanzania.

The deal will see more than three billion barrels of oil flowing out of the ground.

The EACOP is a crude oil export infrastructure which will transport Uganda’s crude oil from Kabaale in Hoima district to the Chongoleani peninsula near Tanga in Tanzania for export to the international market.

Mr Museveni said the development is an achievement and highlighted some other benefits including rapid growth of the economy.

However, he decried some corrupt officials who he described as parasites.

He said by the end of June 2021, Uganda’s Gross Domestic Product (GDP) was $41b and $117b by Purchasing Power Parity (PPP) method.

“Uganda could have achieved more if it was not for corruption. We could have achieved more if it was not because of parasites who want to harvest what they did not sow,” Mr Museveni said.


Please enter your comment!
Please enter your name here