As Uganda’s oil and gas sector continues to evolve, strategic partnerships have emerged as a vital component for driving growth, productivity, and profitability.
According to Ali Sekatawa, Director Legal, at the Petroleum Authority of Uganda (PAU), partnerships at all levels are crucial for the sector’s success.
Sekatawa, who was speaking at the (Insurance Consortium on Oil and Gas Uganda) ICOGU Energy Symposium Training, held at the Sheraton Kampala Hotel, encouraged local insurers and energy sector players to foster partnerships that drive sustainable development, backed by strong policy support.
He was speaking during a panel discussion on ‘Policy Support and Regulatory Framework’, where he encouraged local insurers and energy sector players to foster partnerships that drive sustainable development, backed by strong policy support.
Why Strategic Partnerships Matter
He noted that strategic partnerships offer numerous benefits for Uganda’s oil and gas sector.
By fostering collaborations between local insurers, energy sector players, and other stakeholders, partnerships can:
Drive Sustainable Development Partnerships can promote sustainable development by sharing knowledge, expertise, and resources. This can lead to more efficient and environmentally friendly operations.
Enhance Capacity Building
Partnerships can facilitate capacity building by providing training and development opportunities for local professionals. This can help to build a skilled and competent workforce.
Improve Risk Management
Partnerships can help to mitigate risks by sharing knowledge and expertise. This can lead to more effective risk management and a reduction in the likelihood of accidents and incidents.
Increase Investment
Partnerships can attract investment by providing a more attractive and stable business environment. This can lead to increased investment in the sector and the creation of new jobs and opportunities.
Role of Policy Support
Sekawa explained that policy support is critical for fostering strategic partnerships in Uganda’s oil and gas sector.
As such, the government must create a conducive business environment by:
Developing Enabling Policies
The government must develop policies that support the growth of the oil and gas sector. This includes policies that promote partnerships, investment, and sustainable development.
Providing Incentives
The government must provide incentives for companies to partner with local businesses and invest in the sector. This can include tax breaks, subsidies, and other forms of support.
Building Institutional Capacity
The government must build the capacity of institutions that support the oil and gas sector. This includes institutions that regulate the sector, provide training and development opportunities, and support local businesses.
Key Highlights from Discussion
Besides Sekatawa however, the panel, which was chaired by Jonan Kisakye, the Chief Executive Officer (CEO), of the Uganda Insurers’ Association (UIA), included other discussants, and here is what they said;
Francesca Nakaggwa Kakooza (FCG), Director of Legal at the Insurance Regulatory Authority (IRA) Uganda, highlighted a major milestone—the insurance sector’s growing capacity to handle larger claims at both local and regional levels. She emphasized the East African Community’s potential to strengthen capacity in both practical and financial aspects.
Humphrey Asiimwe, Chief Executive Officer (CEO) of the Uganda Chamber of Energy and Minerals (UCEM), stressed the importance of continuous collaboration between the insurance sector and the Petroleum Authority of Uganda (PAU) to maximize policy recommendations.
Paul Kavuma, CEO of Jubilee Allianz General Insurance Uganda and Chairman of the ICOGU Technical Committee, applauded IRA and PAU for their efforts in ensuring a smooth transition in the energy sector. He urged the insurance industry to prioritize tailored products that meet the specific needs of this evolving sector.
All the panelists concurred that strategic partnerships are vital for Uganda’s oil and gas sector.
By fostering collaborations between local insurers, energy sector players, and other stakeholders, partnerships can drive sustainable development, enhance capacity building, improve risk management, and increase investment.
By working together, Uganda can unlock its oil and gas potential and create a brighter future for its citizens.