According to a statement by State House, the naming of the crude oil will mark a significant milestone in the country’s journey toward first oil, giving Ugandan crude a clear commercial identity that can be recognised and traded on the global market.
“It reflects years of investment, partnership and national effort to develop the Albertine resources for the benefit of all Ugandans”, the statement reads.
Museveni’s visit to the oil development projects in the Albertine Graben on Wednesday comes a day after the Energy and Mineral Development Minister Dr Monica Musenero Masanza led senior officials from the ministry, the Petroleum Authority of Uganda, and Uganda National Oil Company on a tour of the area
The Uganda National Oil Company (UNOC), in a statement released on its X account, noted that naming the crude blend marks an important stage in the country’s transition from developing its oil resource to preparing it for the international market.
“For years, Uganda’s oil has existed as a resource beneath our soil. It has been discovered, studied, developed and prepared for the journey from our oil fields to the world.
This is the moment Uganda’s crude moves from being known by what it is to being known by what it is called. Tomorrow, Uganda puts a name to its oil. Tomorrow, it gets an identity!” the statement read.
The naming of the blend will give Uganda’s crude a distinct identity in the international oil market as the country moves towards becoming a crude oil producer
