Latest news with #LakeAlbert
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Uganda takes control of 2 DRC towns
Rwanda backs the M23 armed group that has taken huge swathes of the mineral-rich eastern DRC in recent months. (EPA Images pic) NAIROBI : The Ugandan army said today it had taken control of the Democratic Republic of Congo towns of Kasenyi and Tchomia to 'prevent inter-ethnic fighting'. While Rwanda backs the M23 armed group that has taken huge swathes of the mineral-rich eastern DRC in recent months, neighbouring Uganda has played a more complex role. Uganda has worked alongside the DRC government to fight Islamist insurgents in the region. But analysts say it is also keen to secure economic advantages, including control of Congolese gold mines and wider trade. Chris Magezi, spokesman for the Uganda people's defence forces (UPDF), posted a video on X saying it showed 'UPDF troops being welcomed in Kasenyi, DRC, today'. 'We occupied it and Tchomia today to prevent inter-ethnic fighting and to protect the population,' he added. Both are towns in DRC's Ituri province, on the vast Lake Albert that separates Uganda and DRC and is the site of a massive oil exploration project being constructed by Uganda with French firm TotalEnergies and the China National Offshore Oil Corporation. In February, Uganda said it had 'taken control' of security in the Ituri provincial capital, Bunia.
CTV News
30-05-2025
- Business
- CTV News
Oil price outlook weakens on OPEC+ hikes, lingering trade concerns: poll
A Ugandan worker descends stairs on the drilling rig at the Kingfisher oil field on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda) Analysts have revised down their oil price forecasts for the third consecutive month as swelling OPEC+ supply and lingering uncertainty around the impact of trade disputes on fuel demand weigh on prices, a Reuters poll showed. A survey of 40 economists and analysts in May forecasts Brent crude will average US$66.98 per barrel in 2025, down from April's $68.98 forecast, while U.S. crude is seen at $63.35, below last month's $65.08 estimate. Prices have averaged roughly $71.08 and $67.56 so far this year respectively, as per LSEG data. While tensions have somewhat eased between the U.S. and other trade partners, trade conflicts still loom as a key factor that could weaken oil demand, said Tobias Keller, analyst at UniCredit. 'On the supply side, oil prices will be heavily influenced by OPEC+ production decisions, while geopolitical tensions... pose ongoing risks of disruption and price volatility,' Keller added. Eight OPEC+ members began unwinding output cuts earlier this year, agreeing to larger-than-expected increases of 411,000 bpd for May and June. The members may decide on a similar output hike for July at a meeting on Saturday, sources have told Reuters. The move 'seems driven by a desire to punish non-compliant members rather than support oil prices at any specific level. Compliance will be hard to enforce, especially in Kazakhstan,' said Suvro Sarkar, lead energy analyst at DBS Bank. Meanwhile, analysts polled by Reuters expect global oil demand to grow by an average of 775,000 barrels per day in 2025, with many pointing to elevated trade uncertainty and the risk of economic slowdown as key concerns. This compares to the 740,000 bpd 2025 average demand growth forecast from the International Energy Agency earlier this month. With U.S. consumption and China oil demand constrained by fuel efficiency gains, economic uncertainty and the shift to electric mobility, 'demand growth is largely coming from the resource nations themselves,' said Norbert Ruecker, head of economics & next generation research at Julius Baer. Meanwhile, Russia's war in Ukraine continues to pose a geopolitical risk premium for oil. Analysts say markets have largely priced in the uncertainty. 'Potential de-escalation efforts and the possibility of lifting sanctions on Russian oil could further lower prices,' said Sarkar. Reporting by Sarah Qureshi and Kavya Balaraman in Bengaluru; Editing by Ros Russell, Reuters
Zawya
26-05-2025
- Business
- Zawya
Uganda eyes LPG windfall from Lake Albert oil projects
Uganda is eyeing a windfall on Liquefied Petroleum Gas (LPG) once its Lake Albert projects commence commercial production of oil next year, seeing itself as a net exporter onwards. This will also mean cleaner cooking options in the country just as much as a change in the dynamics of the commodity in the regional market. Uganda has struggled to implement its LPG and clean cooking programme for years now. It began five years ago but has remained in first gear, with less than 100,000 free cylinders distributed against a target of one million. Consequently, the country's penetration has remained below 3 percent. Currently, Uganda imports all the LPG it consumes from overseas producers like China, India, the US, United Ara Emirates and regional leader Kenya, but the imports meet a supply chain that lacks the necessary experience in storing the product, and the infrastructure does not adequately support its distribution. Gilbert Kamuntu, the Chief Commercial Officer of the state-owned Uganda National Oil Company (Unoc) says Uganda's LPG landscape is about to experience a shift. He explains that when oil production begins in 2026, the CNOOC-operated Kingfisher project is expected to produce 20,000 kilo tonnes of LPG, which will increase Uganda's consumption by 50 percent, from the consumption of 40,000 kilo tonnes to 60,000 kilo tonnes. Subsequently, LPG production from the 190,000 barrels per day Tilenga project will peak at 80,000 kilo tonnes. Additionally, the 60,000 barrels per day Hoima refinery, will churn out up to 220,000 kilo tonnes annually, raising Uganda's total capacity to 320,000 per year. Aggrey Ashaba, the UCEM Governing Council Chairman, believes that Uganda can leverage this opportunity to become a regional energy hub. With a renewables and hydropower capacity of 2,048MW, Uganda could become a net-electricity exporter, and a net-exporter of LPG from the Lake Albert oil and gas projects. However, critics argue that despite the potential for increased access, availability and affordability of the product, the lack of regulation and safety measures could hinder its uptake. Emmanuel Mageni, the Chief Executive Officer of Ultimate Gas Energies Limited, points out that Uganda's low consumption of only 40,000 tonnes a year compared to Kenya's tenfold higher consumption, or even Rwanda's 34,000 tonnes, highlights underlying issues that must be addressed to boost uptake, with or without production from the Lake Albert projects. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-05-2025
- Business
- Zawya
UNOC CEO Proscovia Nabbanja to showcase Uganda's oil investment prospects at African Energy Week
Proscovia Nabbanja, CEO of Uganda National Oil Company, joins the African Energy Week 2025: Invest in African Energies conference to showcase Uganda's rising oil industry and strategic investment prospects in the Lake Albert project and EACOP CAPE TOWN, South Africa -- African Energy Week (AEW) 2025: Invest in African Energies has confirmed Proscovia Nabbanja, CEO of the Uganda National Oil Company (UNOC), as a distinguished speaker at this year's edition of the continent's premier energy investment event. Nabbanja stands at the helm of Uganda's oil and gas transformation, leading strategic efforts to drive national participation, fast-track infrastructure rollout and position Uganda as a competitive hydrocarbon exporter. Under her leadership, UNOC plays a central role in unlocking the full potential of the Lake Albert Development Project – Uganda's flagship upstream venture – which remains on track for first oil by the end of 2025. As upstream activities led by TotalEnergies and CNOOC progress, Uganda is steadily advancing toward becoming a net oil producer, with an estimated 1.4 billion barrels of recoverable reserves. Complementing these upstream developments is the East African Crude Oil Pipeline (EACOP) – a 1,443-km heated pipeline that will transport Ugandan crude from Hoima to the Port of Tanga in Tanzania. Once completed, EACOP will be the longest of its kind in the world and a critical enabler of Uganda's oil export ambitions. While recent financing delays have posed short-term hurdles, EACOP remains a cornerstone project for regional integration and private sector participation in East Africa's energy future. The strategic significance of Uganda's oil sector extends beyond national development. With EACOP connecting Uganda to international markets and the Lake Albert basin poised to anchor long-term production, the country is laying the groundwork for downstream growth, job creation and revenue generation. UNOC is also focused on building domestic refining and storage capacity, reinforcing energy security and creating a multiplier effect across the economy. For investors, this translates into wide-ranging opportunities not only not in crude oil production, but across logistics, infrastructure, services and skills development. "Uganda is making bold moves to monetize its resources and become a key oil producer in East Africa. In partnership with major operators, UNOC is driving projects like Lake Albert and EACOP forward with clarity of vision and a strong national agenda. We are proud to welcome Proscovia Nabbanja to AEW 2025, where she will showcase how Uganda is open for business and ready to partner with global investors,' said Oré Onagbesan, Program Director for AEW. At AEW 2025, Nabbanja will spotlight investment opportunities across Uganda's oil and gas value chain, including upstream field development, pipeline construction and local content initiatives. With UNOC actively seeking strategic and financial partners, her insights will be vital for investors looking to tap into one of Africa's most promising frontier markets. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. SOURCE: African Energy Chamber
Zawya
25-05-2025
- Business
- Zawya
Uganda National Oil Company (UNOC) Chief Executive Officer (CEO) Proscovia Nabbanja to Showcase Uganda's Oil Investment Prospects at African Energy Week (AEW)
African Energy Week (AEW) 2025: Invest in African Energies has confirmed Proscovia Nabbanja, CEO of the Uganda National Oil Company (UNOC), as a distinguished speaker at this year's edition of the continent's premier energy investment event. Nabbanja stands at the helm of Uganda's oil and gas transformation, leading strategic efforts to drive national participation, fast-track infrastructure rollout and position Uganda as a competitive hydrocarbon exporter. Under her leadership, UNOC plays a central role in unlocking the full potential of the Lake Albert Development Project – Uganda's flagship upstream venture – which remains on track for first oil by the end of 2025. As upstream activities led by TotalEnergies and CNOOC progress, Uganda is steadily advancing toward becoming a net oil producer, with an estimated 1.4 billion barrels of recoverable reserves. Complementing these upstream developments is the East African Crude Oil Pipeline (EACOP) – a 1,443-km heated pipeline that will transport Ugandan crude from Hoima to the Port of Tanga in Tanzania. Once completed, EACOP will be the longest of its kind in the world and a critical enabler of Uganda's oil export ambitions. While recent financing delays have posed short-term hurdles, EACOP remains a cornerstone project for regional integration and private sector participation in East Africa's energy future. The strategic significance of Uganda's oil sector extends beyond national development. With EACOP connecting Uganda to international markets and the Lake Albert basin poised to anchor long-term production, the country is laying the groundwork for downstream growth, job creation and revenue generation. UNOC is also focused on building domestic refining and storage capacity, reinforcing energy security and creating a multiplier effect across the economy. For investors, this translates into wide-ranging opportunities not only not in crude oil production, but across logistics, infrastructure, services and skills development. "Uganda is making bold moves to monetize its resources and become a key oil producer in East Africa. In partnership with major operators, UNOC is driving projects like Lake Albert and EACOP forward with clarity of vision and a strong national agenda. We are proud to welcome Proscovia Nabbanja to AEW 2025, where she will showcase how Uganda is open for business and ready to partner with global investors,' said Oré Onagbesan, Program Director for AEW. At AEW 2025, Nabbanja will spotlight investment opportunities across Uganda's oil and gas value chain, including upstream field development, pipeline construction and local content initiatives. With UNOC actively seeking strategic and financial partners, her insights will be vital for investors looking to tap into one of Africa's most promising frontier markets. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
