Museveni says oil and gas proceeds should not be squandered but be used for the development of the country.
Museveni while inaugurating the Board of Directors of National Petroleum Authority and the National Oil Company urged members of the two bodies to take responsibility of ensuring that oil and gas is used in developing the country's economy.
"In Uganda, we have discovered 40% of oil in the target areas and 6.5 billion barrels will be yielded from the target areas. This is enough to support commercial production. The remaining 60% is where oil is suspected but not confirmed," he said.
The President said the petroleum industry is linked to by-products like gas, fertilizers and pharmaceuticals, among others and urged them to use the chance of the availability of the petroleum resource in the country to create a strong development capacity for Uganda.
He also noted that this was the time to build the human resource that will also be used for many other projects for the benefit of Uganda.
The Minister of Energy and Mineral Development, Irene Muloni thanked the President Museveni for the continued guidance and support to the oil and gas sector in the country.
Petroleum Authority of Uganda and the Uganda National Oil Company were created out the Petroleum Exploration, Development and Production Act 2013 and the Petroleum Refining, Development, Storage and Transportation Act 2013 l to regulate the oil and gas sector as the country prepares for production.
The Petroleum Authority of Uganda has seven members headed by Mrs. Jane N. Mulemwa. Other members include Mr. Reuben Kashambuzi, Dr. Immaculate Semanda Nakimera, Mr. Peter Lominit, Mrs. Doreen Kabasindi Wandera, Eng. Patrick Nakoko and Mr. Kiryowa Kiwanuka.
The Uganda National Oil Company is headed by Mr. Emmanuel Katongole. Other members include Mr. Francis Nagimesi, Ms. Batebe Irene, Mr. Twinamatsiko Francis, Ms. Grace Tubwita, Mr. Godfery Andama amd Ms. Biwanga Stella Marie.