Uganda to produce its own oil by 2025
Energy minister says the 鈥渨orld will continue to demand petroleum products for many years to come鈥� and that money generated will be invested in 鈥渃lean energy鈥�.
The South African city of Cape Town is currently hosting Africa Energy Week, with the continent questioning where it will source its future energy supplies from.
Markets fear Israel's invasion of Gaza will push oil prices over $100 a barrel and many nations are trying to insulate themselves from external shocks by establishing their own oil and gas production.
Uganda is among them. Ruth Nankabirwa is Minister of Energy and Mineral Development in Uganda. She told Newsday: 鈥淲e want to develop our petroleum resources鈥� because we are looking at a source of finances to invest in clean energy. Clean energy requires huge investment and we cannot run away from that鈥� you need the source of funds and I鈥檓 not seeing any good Samaritan...contributing money to developing countries, free money. So we have to use our natural resources that we have.鈥�
(Picture: Shows Uganda鈥檚 Minister of Energy and Mineral Development, Ruth Nankabirwa, at a conference in Abu Dhabi, United Arab Emirates, October 2, 2023. Credit: Amr Alfiky / Reuters.)
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