Critics point out that ordinary people have not benefited from oil and gas exploitation in many African states. Billions of dollars in revenue have had little positive impact on the lives of most people in countries like Angola and Nigeria. Local content policies have been expanding across Africa and are currently being drafted in Uganda, Tanzania,
Nigeria Sets Special Fund Worth $100 million to Revamp its Oil Price hit Sector
Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry. Until now, Nigerian oil service companies
Watchdog: Nigeria Lost $5.9 Billion from Oil in 2013 due to Theft, vandalism and Irresponsible Gov’t Dealings
Africa’s largest Oil producer Nigeria lost over $5.9 billion in oil theft and vandalism of major installation and irresponsible secret government dealings, Nigeria Extractive Industries Transparency Initiative said. The watchdog’s Executive director Waziri Adio, told the News Agency of Nigeria (NAN) at a forum on July 19, 2016 in Abuja that 4.7 billion dollars was lost
Price Slump opening way for Private Equity firms to Enter Oil industry—Ernst and Young Report
A recent report by Business Consultants Ernst and Young indicate that Private equity (PE) firms are preparing to invest in global oil and gas sector despite the recent slump in prices. The firm through a survey on about 100 PE firms observed that about 25 per cent of the PE firms are planning acquisitions before the
Tanzania Estimates 8% Stake in Uganda Oil Refinery Would Cost $150.4 Million and is Ready to Invest
Tanzania has confirmed it is looking to owning about 8 percent stake or more in Uganda’s proposed 60,000 barrels per day refinery project. On addition to the Crude Oil Export Pipeline, proposed to run from Uganda Oil-rich Albertine graben to Tanzanian Northeastern Port of Tanga, the deal positions Tanzania as the leading regional partner in
Will Brexit Cause a destructive Impact on Uganda’s Oil market Future?
By Irene Ngabirano… On June 23, the United Kingdom (UK) voted to leave the European Union (EU) in a non-binding advisory referendum, which resulted in the resignation of UK Prime Minister David Cameron and is likely to trigger fresh elections later this year or in 2017. Despite pressure from some EU countries, it is unlikely
Uganda and Tanzania Say Pipeline Negotiations are Progressing, Project will Start in January 2017
Uganda and Tanzania announced progress in the negotiations preceding the construction of a Crude Oil Export pipeline from oil-rich Albertine graben to Tanzanian Northeastern port of Tanga. Officials, technocrats and investors are holding a series of close door meetings which targets January 2017 as the project commencement time and 2019/2020 as the completion deadline. At
Project in Doubt; Lead Investor of Uganda Oil Refinery RT Global Withdraws from Deal at Negotiation Stage
The Lead investor of the Uganda oil refinery project, Russian firm RT Global Resources has opted out of the deal during the negotiation process. RT Global resources was announced the preferred bidder for financing and construction of the $4 billion facility in Hoima in February 2015. The consortium of companies that won the contract to