As oil market players continue to forge way forward for the low crude oil prices, a ray of hope lingered on market today as prices were hiked according to the latest United States Stockpile report. According to Bloomberg, US benchmark West Texas Intermediate (WTI) for July delivery rose 21c to $57.72 while Brent crude for July
World Bank asks Uganda to set sectors for the Oil and gas proceeds
The World Bank has asked the government of Uganda to prepare all sectors of the economy in order to tap the gains that come with the growth of the Oil and gas industry. The recommendations are entailed in a paper published by the Bank. The report aims at providing policy recommendations and strategies on key
Uganda Oil sector: Technology delays exploration and recovery works
The lack of sufficient technology is the major obstacle to the Exploration and Recovery exercise of Uganda’s Oil reserves in the Albertine graben. Bukenya Matovu, the head of communications at Uganda’s Ministry of Energy and Mineral Development said in a meeting with Leaders from the Western District of Kabarole on Thursday. Matovu said the Ministry is facing
Uganda parliament finds gaps in land compensation of the oil refinery construction project
As the government of Uganda plans to implement its decision to construct an Oil refinery to boost commercial gains in the budding Oil and Gas (O&G) sector, a parliamentary committee on natural resources has discovered gaps in the compensation and resettlement of people likely to be affected by the project. The Government identified 29 square
Oil prices drop in latest market shocker
The Oil market has registered a fall in Crude prices reportedly arising from oversupply, causing shock especially in the latest and prospective African Oil producers. Crude has registered a fall of a bout 65% according to market readers causing panic among dealers especially at a time when multinationals and other suppliers are employing measures to
MPs task government to clear anomalies in the Oil and Gas sector
Members of parliament on the Committee on Natural Resources have asked government to prioritize the compensation and resettlement exercise of Project Affect Persons (PAPs) in the refinery and pipeline development project before kickoff. In a report on the Ministerial Policy Statement and Budget Estimates for financial 2015/16, the committee notes that government has already established
Nigeria resumes gas exploration in all marked national fields
Nigerian National Petroleum Corperation (NPP) has called on its partners in the oil exploration exercise to speed up the search for the oil in all marked reserve areas, with immediate effect. This follows a directive from Nigeria Minister of Petroleum resources Diezani Alison-Madueke in which he asked the cooperation not to “leave any stone unturned” in
Britain’s Tracerco funds Mobile labs to aid instant fluid flow detection onsite
Popular British company Tracerco has announced capital injection into the new mobile laboratories to boost its reservoir tracer technology to aid instant analytically testing of oil wells on onsite. Reservoir tracer process entails an examination of an oil well to determine the fluid flow during the oil drilling process According to the statement from the company,
American Noble Energy and Rossetta Resources announce merger
American renowned Oil and natural gas exploration and production company Noble Energy limited has announced acquisition of its minor rival Rossetta Resources Incl in a deal valued at $ 2.1 billion. In the concessions, Noble Energy will take over Rossetta’s stock including its net debts valued at approximately $1.8 million as of Mach 2015. The
Standard Chartered new financial adviser in Mozambique’s Multimillion gas projects
London based Standard Chartered Bank has been named new financial investment adviser in Mozambique State Oil and gas company Empresa Nacional de Hidrocarbonetos’, (ENH) in a highly competitive bid process Standard Chartered in a joint partnership with Mozambique’s largest bank Millennium BIM out competed several others including British multinational banking and financial services HSBC and local partner Banco Unico