By Ibrahim E. Kasita
KAMPALA – UNOC stands for Uganda National Oil Company Limited. The company was established under Section 42 of the Petroleum (Exploration, Development and Production) Act (Upstream Act) and Section 7 of the Petroleum (Refining, Conversion, Transmission and Midstream Storage) Act (Midstream Act), both of 2013.
It was incorporated under the Company’s Act of 2012 as a limited liability company wholly owned by the Government of Uganda with the mandate to handle the commercial interest in the oil & gas sector on behalf of the Government of Uganda.
UNOC’s vision is to be an innovative and profitable company that operates across the petroleum value chain for the benefits of all Ugandans.
Its mission to drive sustainable growth of the oil and gas sub sector through strategic partnerships and champion national participation.
Strategically partnering with major international oil companies (IOCs) could propel UNOC to explore, develop and produce oil and gas domestically and abroad.
For example, in the upstream, the company is in the final stages of negotiations with the upstream joint venture partners -CNOOC-TOTAL-TULLOW- to back into all joint operations agreements relating the development of the Tilenga Project and Kingfisher Development Area Project in the Albertine Graben.
After evaluating petroleum data over a targeted prospect, UNOC entered a memorandum of understanding with China’s National Offshore Oil Corporation (CNOOC) for joint venture partnerships.
Both companies are deeply engaged in negotiations that when concluded will enable them to submit their application for an exploration licence to the Ministry of Energy and Mineral Development.
UNOC would not only channel capital, technological and operational know-how into the country, the company also would exert influence in the economy by contracting more local suppliers, nurturing entrepreneurship in oil-related sectors and growing their wealth.
As such, UNOC can build its managerial and operation standards up to the international level. Working closely with CNOOC, for example, would help develop the capabilities of an independent operator. With time, UNOC will develop breakthrough technologies for exploration, development and production in offshore oil reserves in Lake Albert.
The company would be able to build world-class suppliers. The outcome of such partnership is to make local businesses competitive. Doing so will enable the company to maintain a steady course in the quest for global competitiveness. Ends…/