Talk of Uganda becoming a member of Organization for Petroleum Exporting Countries (OPEC) is premature, Ms. Proscovia Nabbanja, the Chief Operating Officer – Upstream, at Uganda National Oil Company (UNOC) said.
She was responding to a suggestion that Uganda should consider joining the elite organization. This was at the launch of of the Second Edition of Uganda's Petroleum and Mineral Development Scorecards which took place at Golf Course Hotel in Kampala.
UNOC, a state owned enterprise, handles the state’s commercial interests in the petroleum sector and works to ensure that the resource is exploited in a sustainable manner.
Ms. Nabbanja believes this is ‘not the time’ to consider joining OPEC because ‘we are not yet producers’. She said Uganda attends OPEC meetings as observers. During the recent OPEC Ms. Nabbanja represented Uganda.
“What we want is to first build our portfolio,” she said, explaining that by attending these OPEC meetings, Uganda gets access to information. “We need to take baby steps.” she advised.
At the the 174th Ordinary Meeting of OPEC, Republic of the Congo became the fifteenth member of the intergovernmental organization founded in 1960.
Becoming a member of OPEC gives you a voice in a powerful organization committed to balancing the global economy and maintaining a secure and dependable supply of petroleum to consumers.
OPEC is responsible for about 40 percent of the world’s oil production and more than 80 percent of established oil reserves. Algeria, Angola, Equatorial Guinea, Gabon, Libya, Nigeria and now the Republic of the Congo make up Africa’s contingent at OPEC.