The first-ever ICOGU Oil & Gas Symposium took place at Four Points by Sheraton from 20th to 22nd February, 2024. The 3-day Symposium was organized to update ICOGU Members on the latest developments in the Oil & Gas sector, address their key areas of concern to enable them make informed decisions as they participate in the Consortium plans. It was also to review, analyze, predict & cover all possible risk exposures to ICOGU and prepare the consortium members to cope with the changing Oil and Gas Insurance needs & trends.
The ICOGU Oil & Gas Symposium was flagged off with remarks from Chairman, ICOGU Technical Committee & CEO of Jubilee Allianz – Paul Kavuma, Chairman, UIA & CEO of MUA Insurance – Latimer Mukasa, IRA Representative – Kevin Kateete and ICOGU Secretary & UIA CEO - Jonan Kisakye who highlighted two laws that govern exploration, transaction & storage of petroleum products in Uganda: the Exploration, Development and Production Act & the Upstream Act passed by the government in 2013 and the national content regulations in 2016 in line with the mandatory implementation of local content requirements by every entity in the petroleum sector.
At the Symposium, ICOGU members received a detailed breakdown of the insurance policies that are under ICOGU’s coverage. Discussions on trends in Oil & Gas Insurance revolved around Claims, Loss Adjusting, and the establishment of strong internal systems, best practices & the development of insurance professionals that are sufficiently knowledgeable in Oil & Gas Insurance. Business Development Manager of Uganda National Oil Company (UNOC) - Ben Kagonyera gave a snap shot of UNOC’s activities in Uganda’s Oil & Gas sector noting that the Oil & Gas sector is categorized into the up-stream, Mid-stream & Down- stream each undertaking different tasks in the Oil & Gas sector processes.
The Symposium boasted a stacked line-up of speakers including: Total Risk Solution’s Operations Director - Christopher Jennings & Africa Representative - Andrew Cartwright who discussed liability & business interruption insurance for the Oil and Gas industry. Head of Energy at Dale Underwriting Partners - Matt Holmes presented on Reinsurance in the Oil & Gas Sector & Capacity Boosting for prudent Underwriting. Principal Adjuster & Director at Steege XP - Olivier Decombes presented on Oil Drilling, Control of Wells, the need for insuring Oil & Gas Operations, Claims and Loss adjusting in Oil & Gas Insurance. Chartered Insurance Broker & Energy Account Executive at Price Forbes & Partners - Denzel Mensah presented on the global energy market & other energy opportunities in Uganda while Senior Risk Engineer, Price Forbes & Partners - Richard Entwisle discussed risks in Energy Operations, Risk Surveys & Risk Management.
Other key speakers of the ICOGU Oil & Gas Symposium included; Fund Manager ICOGU & CEO of Uganda Reinsurance Company - Ronald Musoke, ICOGU Consortium Leader & General Manager, UAP Old Mutual - James Maguru.
