Petroleum experts have cautioned Uganda on petroleum revenues saying the country needs experienced and trained auditors to audit the contracted firms on the revenue share arrangement or the country will lose billions of dollars in revenue.
This call was made by the Petroleum Authority of Uganda during celebrations to mark its five years of existence.
The discussion was aired live on NBS television.
The director general, Norwegian Petroleum Directorate, Ingrid Solvberg, said the authority must build capacity in terms of skilled labour.
Solvberg, said the oil and gas sector in Norway is directly owned and controlled by the state.
“It is the state that issues licences for companies to operate or can decide to do the productions itself. Sometimes what is good for the companies isn’t good for the society. A regulatory authority must ensure that all benefit,”she advised.
The executive director of the Petroleum Authority of Uganda (PAU),Ernest Rubondo highlighted some of the milestones the authority has registered in as far as regulating the oil and gas sector is concerned.
He said PAU is working with the respective arms of government, the licensed oil companies and the country’s private sector to define the potential linkages between the oil and gas sector and other sectors of the economy.
“Uganda is privileged to prepare before production starts. We have the legislations and the regulatory bodies in place,”he noted.