Statement on Uganda's Oil and Gas Sector: Key Milestones for 2022 and Outlook for 2023

The Final Investment Decision (FID) announcement for Uganda's Oil and Gas projects on February 1, 2022, unlocked the inflow of US$15 billion into the country's economy. This milestone is unprecedented and undoubtedly the largest project in terms of value in the country and the East African region. It has opened the way to activity and investment in the country. Uganda is now one of the most established petroleum provinces in the world, with an estimated volume of 6.5 billion barrels, with 1.4 billion barrels are recoverable, of which 1.04 billion barrels are classified as reserves. Recoverable gas resources are estimated at 500 billion cubic feet.

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FID for the USD 4.5 Billion East Africa Energy Security and Transition Investment Project

As a follow up to at the US-Africa Leaders’ Summit, U.S. group Albertine Graben Energy Consortium Partners (AGEC) agreed with the Government of Uganda that the Final Investment Decision (FID) for the estimated US $4.5 billion East African Energy Security Transition Investment project will be taken in 2023.

The Government of Uganda’s delegation was led by His Excellency President Yoweri Museveni and AGEC Representatives was led by Rajakumari Jandhyala- President and CEO of YAATRA Africa, and included Presidents and Chief Executive Officers of Africa Finance Corporation (AFC), Eastern and Southern Trade and Development Bank (TDB), Honeywell, Baker Hughes.

The East Africa Energy Security and Transition Project is an estimated US$ 4.5 billion energy project that will add value to natural resources supplied by Uganda’s domestic oil resources in order to establish a regional energy facility producing finished fuels and associated storage, product transportation pipeline and market distribution infrastructure. It is being developed and financed as a joint venture (JV) between the Government of Uganda with its East Africa partners and AGEC with its private sector partners. The project brings together US private sector companies, African vision, leadership and capacity with global expert and investment partners for the implementation of strategic economic investment for the benefit of the Uganda and the East Africa region.

The Final Investment Decision is the confirmation by all investors in the deal of their commitment under a shareholders’ agreement to invest equity. It is based on concluding the ongoing talks to, amongst other things, ensure committed feedstock from Government of Uganda Upstream Joint Venture Partners (Total Energies, CNOOC, UNOC) and Implementation Agreements with the Government, as well as key ongoing work required for establishing operations of a commercially viable energy company receiving financing via capital markets.

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