By Agencies… The International Monetary Fund (IMF) predicts that Mozambique’s average growth rate during the first half of the next decade could reach the staggering figure of 24 per cent per annum. This optimism is based on the assumption that gas processing facilities in the Rovuma Basin, in the far north of the country, will
Opinion: The Fall of Oil prices is an alarm Government of Uganda should not Ignore.
By Adellah Agaba Oil production is set to begin in 2017 and this has generated anxiety and expectations which are already a threat to peace in the country, not only to humankind but to the environment, economy and ecology. The discovery of oil and gas in any country worldwide causes impeccable excitement because it is
Solo Oil Signs Gas Sharing Agreement with Tanzania
UK based Solo Oil announced that it has signed the fully termed Kiliwani North Gas Sales Agreement (GSA) with Tanzania which took effect on December 31, 2015. Solo Oil said that Aminex plc, its operator partner of the Kiliwani North Development Licence (KNDL) has now executed the KNDL GSA for the Kiliwani North-1 well (KN-1) with the
Analysis: Will Kenya be a Rule-Maker or rule-taker in the ‘uncertain’ Crude oil Business?
By Hez Gikang’a The big economic and financial news of 2016 is the complete rout of crude oil benchmark prices after prices hit an all-time decade low of US$30 per barrel Tuesday January 12th; markedly different circumstances and a far cry from the exuberance exuded by the Kenyan government, markets, pundits & oil companies in
We reset Business plan in 2015 to deal with market challenges—Tullow Oil
Tullow Oil Plc says it was prompted to reset the business in order to deal with the effects of the uncertain market situations as it labored deliver on key operational goals in 2015. The observations were made by Tullow’s Chief Executive Aidan Heavy as published in the company’s operational activities and trading Statement for the
South Sudan seeks to renegotiate Crude Transportation Charge with Khartoum
South Sudan has asked immediate neighbor Khartoum to lift the lease of crude oil transportation facilities and cost due to danger posted by current market prices. South Sudanese Foreign minister, Barnaba Marial Benjamin made the appeal in an interview with Ashrooq television in which he noted that the country’s proceeds from oil had narrowed due
Kenya government approves Africa oil—Mearsk farmout
The government of Kenya has approved the recently announced farmout between giants Africa Oil and Danish giant Maersk. The two firms entered a deal to acquire 50 percent stake in three of the Africa Oil’s onshore exploration licences in Kenya and a further two in Ethiopia. Speaking in relation the approval, Africa Oil’s President and Chief Executive Officer,
We should streamline auditing procedures for the Petroleum Fund—Expert
By Silver Kayondo… Recently, the New Vision reported that the Petroleum Fund held by Bank of Uganda has so far received a deposit of $63 million (about Shs212 billion) from the business activities of oil companies accruing from VAT, income tax and signature bonuses. It was further reported that an additional $244million (about Shs821 billion)
Indecision on Export Pipeline is delaying Upstream Development for Uganda and Kenya Oil sector—Expert
By Jonathan Markham… Oil and gas exploration in the East African Rift System has been gaining momentum since 2000, with an upturn in the number of wells drilled and licenses acquired, primarily driven by mid-size independents and national oil companies. The first major discoveries were made in the Lake Albert area of Uganda by Tullow
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