Government plans to raid the Petroleum Fund and withdraw Shs445bn to finance the 2019/2020 budget won’t be achieved after it was revealed that the Fund only has only has Shs304.1bn. This means that the Fund is set to be overdrawn. The Petroleum Fund is where revenue from all petroleum-related activities
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The Petroleum Authority of Uganda (PAU), the National Environment Management Authority (NEMA) and the Ministry of Energy and Mineral Development (MEMD) together with the Project Developers for the East African Crude Oil Pipeline (EACOP) are conducting community dialogues in the ten (10) districts traversed by the EACOP project. The dialogues
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Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed (pictured) at the Africa Oil & Power conference. “Nowhere is the contribution that the energy
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Entebbe. The State Minister for Privatization and Investment, Evelyn Anite has revealed that Uganda will no longer face fuel shortages going forward after a new fuel reservoir/ storage facility at Bugiri/Bukasa zone in Katabi Town Council, Wakiso district starts operations come April next year. The Minister made the revelation today
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Dubai An attack on Saudi Arabia that shut 5 percent of global crude output caused the biggest surge in oil prices since 1991, after US officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate. The Iran-aligned Houthi movement that controls Yemen’s capital claimed responsibility
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A lot has been written in the print media about how Uganda’s oil tax regime is delaying our prospect of joining the club of oil producing countries. During the Uganda-Tanzania business forum in Dar es salam last week, Tanzania President John Pombe Magufuli is reported to have asked president Yoweri
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Work on a pipeline that would transport crude oil 1,445 km (898 miles) from Uganda to Tanzania's coast has been suspended. Tullow Oil had planned to sell a stake in the $3.5bn (£2.8bn) project to state-owned Chinese firm CNOOC and French oil giant Total, but the deal collapsed last week
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Uganda’s Energy Ministry has stressed that Tullow must pay Capital Gains tax before it can be allowed to sell part of its stake to Total and CNOOC Uganda. Tullow confirmed earlier Thursday that their Sale and Purchase Agreements (SPAs) deadline had passed. The Ministry’s Permanent Secretary, Robert Kasande in a statement
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An agreement between Tullow Oil and two international oil companies to share the costs of developing a Ugandan oil field has been terminated, leaving Tullow to find new partners, Business Focus understands. It should be noted that on January 9, 2017, Total and Tullow entered into a Sale and Purchase
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In what has become a remarkable month for exploration in Africa, a CNPC-led consortium has made 300 million barrels of recoverable oil discovery in South Sudan’s northeastern Upper Nile state. It is almost as much as the Oyo Discovery announced earlier this month in Congo. The exploration well was drilled
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