What you need to know:
- The Shs3.7b injection is the first phase of investment, while in the second phase the company will invest about $2m (Shs7.4b) in more equipment and human capital
Pinnacle Security will be counting on a new $1m (Shs3.7b) investment in fire tenders and rapid intervention trucks to efficiently manage and respond to fire incidences and related hazards in the oil and gas sector under the Tilenqa Project.
In a statement yesterday, Mr Moses Matsiko, the Pinnacle Group chief executive officer, said the Shs3.7b is the first phase of investment, while in the second phase the company will invest about $2m (Shs7.4b) in more equipment and human capital. The entire investment in equipment is expected to gross at $10m (Shs37.3b).
This, he said, will be key in managing fire and related hazards as well as suppress wildfire and aircraft rescue, among others.
Beyond, managing fire, Mr Matsiko said, Pinnacle will also, under Tilenqa, conduct preventive maintenance and repair services, test and inspect firefighting equipment and related systems, monitor performance, rectify failures as well as carry out fire audits.
“Our investment is in addition to already existing fire trucks and set of ambulances with the ultimate goal of providing fire security and safety to humans and commercial properties, but also continue collaboration with Uganda Fire Brigade to protect, rescue national resources and chemical industries by smothering and preventing fire on a massive level,” he said.
The Tilenga project is expected to begin oil production in the first half of 2025 with the initial phase involving drilling of 12 development wells on the Jobi-5 well pad.
The oil and gas sector has been recording a number of investments following the signing of the $10b final investment decision in February 2022.
Therefore, sub-contractors such as Pinnacle, have heightened investment in a bid to meet required standards.
Data from the Petroleum Authority of Uganda shows that contracts worth $600m out of the possible $3.9b for Tilenga and Kingfisher have been committed to Ugandan companies.
Underwriters have advised businesses to be aware of risks involved in the oil and gas sector, noting that they should also ensure that they put in place measures to manage risks.
The risks in the oil and gas sector include property loss to employee health, mechanical failure, fatalities, fire outbreaks, environmental harm brought on by natural disasters, among other things.