The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Equatorial Guinean Minister of Energy Gabriel Mbaga Obiang has urged Uganda to stick to its oil and gas plans because they were “the best one can find anywhere in the world.”
Uganda has said over the years that it will use its only money to set up infrastructure, investment in other sectors like agriculture where millions of Ugandans earn a living, and industrialization of major mineral and agro-processing industries.
Mbaga, who is in Uganda on a visit but also to follow up on the Memorandum of Understanding on cooperation on oil and gas, that President Obiang Nguema signed with Uganda in 2017, said if Uganda implemented the plans it has, they may come back in the next five years to learn from Uganda.
Mbaga is a son to President Obiang Nguema.
Through the MoU, Equatorial Guinea committed to helping Uganda achieve its targets in oil and gas production, riding on its two-decade experience and accordingly advise Uganda when it comes to signing petroleum-related agreements.
Equatorial Guinea discovered large oil reserves in 1995. Within a decade the country’s production rose from 17,000 barrels of oil per day in 1996 to a record 375,000 barrels per day in 2005 when it was ranked the third-largest oil producer in sub-Saharan Africa, behind Nigeria and Angola.
The country has earned on average USD 5 billion per year in oil revenues over the past eight years, with Oil and gas now accounting for 90 per cent of Equatorial Guinea’s GDP. However, this wealth is concentrated in the hands of a small minority. Majority of the population have remained poor.
Uganda’s energy Minister of Energy Irene Muloni said he was in Uganda to take stock of the progress of what they have achieved since the signing of an MoU between the presidents of the two countries.
Muloni said Uganda technocrats will be sent for attachment in Equatorial Guinea to learn what is happening that can be applied in Uganda.
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