Uganda’s Petroleum Fund has some money in it, David Bahati, the State Minister for Planning has said. The Minister last week while appearing before the Finance Committee said that the Petroleum Fund had been depleted and there was no money that would be drawn from it to support the budget
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Tullow Oil has written off $800 million (UShs2.9 trillion) of its exploration costs in Kenya and Uganda after lowering its forecast for long-term crude oil prices, Business Daily reports. Oil firms recover their exploration costs over years once production and sale of the commodity start, with lower oil prices indicating
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The Auditor General, John Muwanga’s just released December 2019 audit report has exposed the rot in the management of the Petroleum Fund, with the AG confessing to have been locked out of the Fund by denying him vital information. Muwanga made the revelation this morning while handing over the Audit
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The Democratic Republic of Congo is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.The Congolese government has talked to Tullow Oil Plc about purchasing a stake in the Lake Albert licenses along the country’s border with Uganda, said four
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Farmers living along East Africa Crude Oil Pipeline (EACOP) have been advised to standardize their products to meet international standards. This was revealed by Mr. Ernest Rubondo, the Executive Director of the Petroleum Authority of Uganda (PAU) at a Farmers Conference held recently in Hoima District. The farmers were also
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British exploration firm Tullow Oil has stated that it has the financial muscle required to develop petroleum reserves in Uganda and Kenya, even after the sudden exit of its chief executive triggered a collapse of its share price. Tullow, which is in advanced stages of developing oilfields in the two
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East Africa and the Indian Ocean have witnessed substantial discoveries of oil and gas in the last decade, but the full potential of the region has yet to be realised. At this year’s Africa Oil Week (Africa-OilWeek.com) event there was a big focus on the region and its growing importance.
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Tullow Uganda Managing Director, Jimmy Mugerwa has been transferred to London based head office as Tullow Group’s Corporate Head of Infrastructure and Organisation, the company said in a press statement. This is a newly created role which according to the release is advisory, but Mugerwa will also be responsible for
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Over 200 Small and Medium Enterprises (SMEs) have been enlightened about the existing untapped opportunities in the oil and gas sector at the midstream stage. The enterprises who are dealing in construction, engineering, ICT among others have been urged to position themselves to provide services by bidding for services and
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A Government of Uganda team led by Hon. Irene Muloni, Minister of Energy and Mineral Development and Albertine Graben Refinery Consortium (AGRC) leadership led by Rajakumari Jandhyala President and CEO of YAATRA Ventures jointly presented the East Africa Community sanctioned Refinery located in Hoima during the recently concluded Africa Investment
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