Uganda has picked three Nigerian companies and one from Australia for its oil exploration licensing round, inviting them to negotiate for production sharing agreements, it said on Monday. It announced its first competitive bidding round for six exploration blocks, covering a total of 3,000 square kilometres (1,150 square miles), in February 2015. Bidding documents were
Local Leaders in Uganda Oil region wants Government to Regulate Waste Disposal and Land Acquisation
Local leaders in Uganda’s Oil-rich region urged government to regulate land acquisition and oil waste disposal in the Albertine graben to prevent exploitation, local media reported. The call was echoed during a community dialogue organised by Midwestern Regional Anti-Corruption Coalition. The Prime Minister of Bunyoro Kingdom, a cultural institution which also shares part of the
Tanzania Energy Minister Says DR Congo and Burundi Want to Join Uganda Pipeline Project
Democratic Republic of Congo (DRC) and Burundi expressed interest to join the Uganda-Tanzania Oil Pipeline project, a Tanzanian official said Tanzania Minister for Energy and Minerals, Prof Sospeter Muhongo, made the revelation in Dar es Salaam while opening a one-day meeting of ministerial Permanent Secretaries and Regional Commissioners from areas expected to be affected by
Is OPEC a Toothless Organisation attracting world attention without Impact on the Oil Market?
By Anas Alhajji… The Organization of the Petroleum Exporting Countries is dead. Saudi Arabia killed it. Now, OPEC is just a toothless zombie, attracting attention, but without having any impact on the living. Few have noticed OPEC’s demise for a simple reason: it never really had the impact that it was widely perceived to have.
Here is How the Looming fall in Oil Demand Could Trigger Another Market Slump
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
Ghana announce Deficit in Oil Earnings, The Saturated Market is Hurting the Once Hopeful Producer
Ghana’s crude oil revenues will be 1.4 billion cedis this year, lower than a previous estimate of 2 billion cedis, the finance minister said in a budget review. Despite that, the deficit would remain unchanged from a previous estimate of 5.3 percent, Finance Minister Seth Terkper said. Revenues for 2015 are estimated at 1.5 bln
Tanzania adopts ‘Bulk Procurement System’ to Guide Downstream Operation of Gas Industry
The government of Tanzania has adopted bulk procurement system for the importation of liquefied petroleum gas (LPG) in the country, effective from September this year The new system was announced by the Ministry of Energy and Minerals deputy permanent secretary Juliana Pallangyo in Dar es Salaam. She invited all interested parties to participate in the
Oil and Development: Can Oil Revenues Transform the Poor Economies of Africa’s New and Old Producers?
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
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