The recent oil discovery in Uganda has led to an increase in Foreign Direct Investment (FDI) inflows to the country. According to the data that the United Nations Conference on Trade and Development released recently, Uganda FDI increased by 92.51% to $ 1.721 billion in 2012 down from $ 894 Million in 2011. The data
Emerging oil sector prompts PTA bank to invest more credit in Private Sector initiatives
Private sector investors in need of long-term credit financing for infrastructure development have an opportunity to access funding from the PTA Bank courtesy of the emerging oil and gas sector. A forecast that projects the possibility of Uganda experiencing double digit economic growth due to the nascent oil and gas industry as well as growth
Uganda urged to join the Extractive Industries Transparency Initiative
The Managing Editor of Oil in Uganda, a website on oil related developments in Uganda, Chris Byaruhanga has challenged the Uganda government to open up and embrace the Extractive Industries Transparency Initiative. The Extractive Industries Transparency Initiative (EITI) is a global standard, where member governments declare income they earn from their extractive industries and
Makerere Business School sends out 60 graduates into an “Oily” but rugged field
Makerere Business School has churned out 60 graduates of an advanced oil and gas management essentials training. The 60 step into the seemingly “oily” field but they will definitely be shocked to discover that they may have to tread a rugged terrain in their pursuit of success in the increasingly competitive sector. In the recent
UWA deploys 430 new rangers to protect wildlife from destructive oil activities
Over the last one year Uganda Wildlife Authority has trained and recruited 430 new rangers with the chief mandate of monitoring oil activities and fighting poaching in the gazetted areas of UWA. The President of Uganda, Yoweri Kaguta Museveni commissioned the youthful rangers in April 2013 following a four month training that they had undergone.
Experts warn against multiple refineries in East Africa, say they are a waste of oil resources
With the discovery of oil in Kenya, Uganda and South Sudan surely East Africans are right to look forward to an “oil bonanza” that is expected to lift millions of East Africans out of poverty but the experts think that with the way the East African countries have decided to deal with their oil, the
Tullow boss slams legislators over “unrealistic” local content provision in Oil and Gas law
The President of Tullow Oil’s Ugandan subsidiary, Hon. Elly Karuhanga had no kind words for parliament over a local content provision in the recently enacted Petroleum Exploration Development and Production Act 2013 that allows local businessmen to enter joint ventures with international firms servicing the oil and gas industry. The section of the Act