The year 2016 comes with uncertainty yet 2015 no doubt has been a very successful year for Uganda’s Oil industry. It has been a year in which major oil and gas activities have been fast tracked since the industry was inaugurated. However, the uncertainty of the market has stalled the kickoff of major projects and
The ‘not so good’ awaiting Nigeria Oil industry amid the threat of falling prices in 2016
This coming year is shaping up to be a difficult one for economies that are disproportionately dependent on oil. This is especially true for Nigeria, where there’s a possibility of renewed conflict in the country’s oil-producing Niger Delta region, according to SBM Intelligence’s recently published “Nigeria in 2016” report. The global oil picture is stacked against countries like
Bunyoro Kingdom officials ask Uganda government for Oil revenue share ahead of commercial production
Officials from Bunyoro kingdom made a maiden visit to selected oil sites in the Albertine Graben and asked government to remit part of the proceeds from the oil revenues to the kingdom. Commercial oil production has not yet started in Uganda as companies Tullow Oil Plc, China National Offshore Oil Company (CNOOC) and France’s Total
New Reservoir discovery makes ‘Africa Oil’ stronger in Kenya Oil sector
Africa Oil announced that the Etom-2 well in Block 13T in northern Kenya has discovered 102 metres of net oil pay. The company in a press statement indicated that Oil samples, sidewall cores and wire line logging all indicate the presence of high API oil in the best quality reservoir encountered in the South Lokichar
OPEC says Oil prices will recover by 2020
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to
Here is why market analyst Goldman Sachs says Oil prices may fall to $20 per barrel in 2016
Agencies… American market analyst Goldman Sachs sees further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its recent meeting. The investment bank is standing by its prediction of $20 a barrel bottom—the breakeven cash cost for highly levered high-cost US shale producers. If oil
Pan Africa Energy Tanzania draws $20 Million from International Finance Corporation to finance gas Field
Orca Exploration Group announced that its subsidiary, Pan African Energy Tanzania Limited (PAET) has made an initial draw-down of US$20 million from the available US$60 million International Finance Corporation (IFC) loan facility which was signed on 29 October 2015 PAET intends to make additional drawdowns of the Loan which will be subject to meeting all
Video: Ugandan Civil society rally the world to demand Transparency in Oil sector in New Campaign
The first time Ugandans heard about their government receiving any monies from the oil sector, was about the tax-gains dispute between Uganda Revenue Authority and Tullow Oil plc and Heritage Oil Plc. The question of what goes on behind the curtain has not send civil society Organisations to rest especially at a time International Oil
Crude Oil price shocks the world, trades below $35 per barrel in New York
By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009.
Crude Oil Prices are likely to fall below $40 in 2016 says Market analysts
Agencies… As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go? U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a