Uganda to Form Committee to Direct Oil Industry Development

Uganda’s government plans to form a committee to direct the development of its oil industry, the office of President Yoweri Museveni said.

The Lake Albert Development Committee will monitor and guide investments and the development agreements between oil companies and the government, the presidency said today by e- mail from Kampala, the capital. It didn’t say when the committee will be formed.

Discussions for the formation of the committee were held today between Museveni and officials from Tullow Oil Plc (TLW), China National Offshore Oil Corp. and Total SA (FP), which are jointly developing Uganda’s oilfields, the presidency said in the statement.

Tullow, which is based in London, plans to start oil production in Uganda this year.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net