Chen Zhuobiao, president of CNOOC Uganda, talks to The Energy Year about the company’s strategic goals for its presence in Uganda and its approach to securing support from local communities. CNOOC holds stakes in the Lake Albert exploration blocks E1, 1A and EA2 and operates the Kingfisher Project (EA3).
What strategic goals do you plan to achieve before the end of 2021? What are the longer-term strategic pillars of CNOOC Uganda?
We are optimistic that we shall attain the FID on the commercial oil and gas production to pave the way for the construction phase in the sector.
The longer-term strategic pillars are quality and enhancement for sustainable development of the oil and gas resource. We have always put safety and environmental protection at the forefront of our business. The participation of Ugandan nationals as professionals and service providers is critical, along with eventual skills transfer.
How do you assess the progress made by the Uganda National Oil Company (UNOC) and the government in enhancing the development of the domestic oil and gas industry in the past decade?
As one of the key stakeholders in the oil and gas business, we have worked closely [with UNOC] through regular meetings as stipulated in the PSAs, a major obligation from the key parties to further enhance the development of the oil and gas business. The adoption of new technologies has enabled better assessment and will further support better recovery rates at the production stage.
Where do you see Uganda’s position among frontier markets on the African continent?
The second licensing round offering five blocks closed on September 30, 2020, and the government shall release the list of applicants soon. These rounds play an important role in attracting companies to find crude to sustain the pipeline and refinery developments. Innovations with new and improved technologies allow improvements in efficiency and cost, which shall be key for the industry.
What is your final message to regional and global investors who are looking to invest in Uganda?
Well, I can say there is a lot of potential because this is a natural resource-rich country with great people and beautiful weather. Its geographical location in the heart of sub-Saharan Africa makes it an ideal strategic base, and one that can become a regional hub for trade and investment.
The oil and gas industry is approaching the FID stage where lots of infrastructure development shall be undertaken. A lot of equipment, materials, technology and personnel are required. This is the right time for investors to undertake feasibility studies and also partner with local companies that have a presence in Uganda. They should get ready to tap into the opportunities that come along with the construction stage.
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