By Silver Kayondo… Oil prices have plunged again after China and South Korea posted weak economic results, while fading prospects for a coordinated output cut by leading crude exporters to reduce over-supply continue to hurt the market. China’s manufacturing sector has contracted at the fastest pace since January 2012, adding to the pile of worries
Iran Determined to raise Oil output as Sanctions are lifted
From Agencies… Iran is determined to raise its oil output as planned as soon as sanctions on its oil industry are lifted, Mehdi Asali, its representative to the OPEC producers’ group, said on Saturday. The international sanctions were scrapped as part of a landmark deal between major powers and Iran to curb Tehran’s nuclear program.
Kenyatta wants Plan to transport Crude Oil by road Finalized by end of January, Oil expected at Port by September 2016
Kenya President Uhuru Kenyatta has given a ‘State House team’ until the end of January to work out on the logistics of transporting the crude oil from the oil fields in the Turkana region to the sea-port according to latest Reports. A source quoted by The East African newspaper, said the team has been asked
Africa Oil Governance Summit ends, Policy makers urged to build transparent regime and good governance
PRESS RELEASE… The first annual Africa Oil Governance Summit to evaluate progress made, build consensus on a road map for Africa’s resource prosperity and identify best practices in oil governance for adoption by other African countries, ended in Accra. The two-day conference took place on the theme: “Africa Rising as Oil Curse Beckons for Most
Uganda defends abscence of ‘Super Majors’ in Oil and gas sector
The Principle Petroleum Officer at Uganda Ministry of Energy and Mineral Development Peninah Aheebwa has said that the absence of Super Majors in nations Oil and industry is not a sign of stagnation and ineffectiveness. Aheebwa was responding to criticism which appeared in the Observer newspaper following the listing of companies registered in the First Licensing
Uganda hires Danish firm Ramboll to conduct study for Refined Oil Pipeline
The Ministry of Energy and Mineral Development in Uganda has selected a Danish consultancy firm Ramboll to conduct an early-phase study for the Refined Petroleum Products Pipeline. The proposed refined products pipeline will run the refinery point in Hoima to an assembly point in Buloba near Kampala. Ramboll won the project in joint partnership with
Energy Ministry registers 17 multinationals for Oil exploration licencing
Uganda Ministry of Energy and Mineral Development has registered 17 companies for the Licensing Round for Petroleum Exploration, Development and Production of six blocks in the oil rich Albertine Graben. According to the Uganda Directorate of Petroleum , the Process of receiving the Request for Qualification ended on June 30, 2015. The Ministry registered seventeen valid applicants out
Tullow Oil affirms faith in Uganda and regional Oil sector
Tullow Oil plc has affirmed its business hopes and strength in the East African oil and gas industry in a latest statement that summarize recent operational activities and trading guidance of the new financial year 2015. The UK based Multinational noted that the legal and institutional investments in the region present a level playing field which
Tullow Oil agrees to settle $250 Million tax dispute to Uganda
Tullow Oil plc has agreed to settle the outstanding Capital Gains Tax (CGT) bill to the government of Uganda and it’s Tax regulatory body Uganda Revenue Authority (URA) after a long standing tax rift. According to an official statement from Tullow Oil, one of the leading players in Uganda’s Oil and gas sector, the company
African Development Bank advise Uganda and Tanzania on oil revenue management
The African Development Bank has given fresh policy contributions and advice to new Oil producers on how to leverage oil, minerals and gas resources to improve human development and progress. The report that comes on a backdrop of research on national development policy frameworks in Africa, targets mainly East African states of Uganda, Kenya and