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
Hope as Indian refineries Clear African Crude Oil off the shelf
By agencies… Indian refineries continued to moped cargoes of West African crude oil, underpinning what was otherwise a saturated market. Refineries HPCL and BPCL together booked at least four million barrels of West African oil, adding to the six million booked earlier by IOC in a tender. IOC has another tender pending this week to
Analysis: How The Oil Price Crash Will Make Markets More Efficient
By Michael McDonald. Oilprice.com BP CEO Bob Dudley recently came out making an interesting point regarding the silver lining from the fall in oil prices. Dudley notes that as a result of low oil prices, subsidies have been cut on many petroleum products around the world. This is important in that it creates a more
Watchdog group ‘Global Witness’ Says Four African countries lost $4 billion in dubious Oil deals
A latest report from watchdog organisation Global Witness titled “How to Loose $4 billion” details how four Africa Oil producers have lost huge sums of money from dubious oil dealings. The report which advocates for transparency in Extractives’ management highlights case studies from Nigeria, Angola, Congo Brazzaville and Democratic Republic of Congo, in which enormous
Kenya to auction inaugural ‘Oil Exploration Licenses’ in 2017
Kenya is planning to hold first oil exploration licencing in 2017, Uganda Oil has learnt. The National Oil Corporation of Kenya (NOCK) has invited bids from contractors to gather comprehensive data on several shallow blocks off Lamu to help attract exploration firms ahead of the anticipated auction of exploration rights. “The multi-client surveys and studies
Analysis: How Oil and gas revenue expectations lured Uganda into ‘debt trap’
ANALYSIS A decade of decadence has come to an end for African oil producers. International oil prices have fallen from last summer’s $100 per barrel highs, to averages of $56 in the first half of this year. After generating hundreds of billions of dollars in wealth over a commodities super-cycle, Africa’s big oil producers are
Uganda to sign refinery deal in October as investors raise concern over land and roads
The government of Uganda expects to conclude the first negotiation phase of the 60,000 bpd refinery development project come October 2015 and embark on signing of the Final Investment decision Uganda Oil has learnt. The revelations were made by the Principal Engineer of the Refinery at the Directorate of Petroleum, Steven Enach at the closure
International Summit to give Insight into challenges and Opportunities in Uganda’s Oil industry
KAMPALA The Uganda International Oil and Gas Summit (UIOGS) will feature presentations aimed at providing insight into the major issues, including challenges and opportunities for Uganda’s Oil and gas industry, the organizer told Uganda Oil. The conference held under the auspices of the Ministry of Energy and Mineral Development takes place on September 16-17, 2015
Global Witness finds gaps in Uganda first Oil exploration licensing round—See full statement
Statement by Global witness…. The Government of Uganda‘s decision to publish the companies shortlisted to bid for its latest round of oil contracts is an important step forward for transparency in the country. However, the organisation highlighted the need to carefully scrutinise companies’ environmental and social records, especially given the sensitive nature of the regions