{"id":25627,"date":"2022-02-02T21:24:56","date_gmt":"2022-02-02T21:24:56","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=25627"},"modified":"2022-02-02T21:13:10","modified_gmt":"2022-02-02T21:13:10","slug":"final-decision-on-oil-and-gas-timely","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely","title":{"rendered":"Final decision on oil and gas timely"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>There could not have been a better opening to 2022 and such a blessing to post Covid-19 lockdown than the signing of the final investment decision (FID) for exploitation of Uganda\u2019s Oil and Gas development stage.<\/p>\n

The figure put forth for investment in the oil development stage is $10b (about Shs21 trillion). There will be the trickle down to the economy, but first is the timing of the signing the FID is good for countering the general negative business sentiment.<\/p>\n

Economies are partly spurred by positive sentiment and the feeling of players and consumers that all is going to be well. This is the first impact of the act that firmly launches Uganda into a real oil economy.<\/p>\n

The medium-term impact of the $10 (Shs21t) is already seen in the $3b (1.08t) in contracts to be awarded for 2022 and another $3b (1.08t) for 2023.<\/p>\n

For instance, Total Energies, the major player has contracted construction Giant McDermott to work on the Tilenga Operation Area. McDermott has contracted GCC services out of Dubai to establish camps. These due to the local content law will have to contract local suppliers of everything to be used in the camps in the oil region.<\/p>\n

Those involved may not speak on record for reasons of privacy but it is now known that some Ugandan business people who invested in high-end furnished apartments buildings are in business. Imagine a 50-room furnished apartment complex booked for three years ahead and paid up in advance. Then the office space demand is slightly on the rise in upscale Kampala partly due to oil sector demand according to Knight Frank, a real estate firm, and more is expected in this regard.<\/p>\n

Expected too are tonnes of importation of equipment from rigs to pipeline materials which will come through the country\u2019s logistics system. From media, to accounting firms and legal services, all these services are expected to be mostly sourced locally.<\/p>\n

Critical therefore, to the Ugandan company and businesses benefiting from the contracts accruing from oil and gas development, is enforcement and adherence to the local content law. The time taken and the debate that preceded the formulation of the local content policy and law particularly with oil and Gas in mind, if followed to the letter, will see companies and businesses benefit primarily and at the secondary level benefit the entire economy.<\/p>\n

Will the FID signing and the accruing momentum spring Uganda into a middle income economy, the next few years will tell, but the FID signing could not have come at a better time.<\/p>\n

editorial@ug.nationmedia.com<\/b><\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. There could not have been a better opening to 2022 and such a blessing to post Covid-19 lockdown than the signing of the final investment decision (FID) for exploitation of Uganda\u2019s Oil and Gas development stage. The figure put forth for investment in the oil development stage is $10b (about Shs21 trillion). […]<\/p>\n","protected":false},"author":84,"featured_media":25626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-25627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nFinal decision on oil and gas timely - Uganda<\/title>\n<meta name=\"description\" content=\"There could not have been a better opening to 2022 and such a blessing to post Covid-19 lockdown than the signing of the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Final decision on oil and gas timely\" \/>\n<meta property=\"og:description\" content=\"There could not have been a better opening to 2022 and such a blessing to post Covid-19 lockdown than the signing of the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-02T21:24:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/02\/img-61faf3cc795fc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1028\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Final decision on oil and gas timely\",\"datePublished\":\"2022-02-02T21:24:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\"},\"wordCount\":447,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/02\/img-61faf3cc795fc.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/final-decision-on-oil-and-gas-timely\",\"name\":\"Final decision on oil and gas timely - 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