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
Export Pipeline needed to enable Commercialization of Uganda and Kenya Oil—Expert
With recoverable oil reserve estimates of approximately 750 MMbbl and 600 MMbbl in Uganda and Kenya, respectively, and with government share of the reserves expected to be about 30–50%, the potential impact on economic development in these countries could be great. However, new infrastructure, including an export pipeline, is required to enable commercialization of these
Kenya in preparation to see crude sales in 2016 as Uganda remains uncertain
Speculative media reports coming from Kenya say the country is in preparation to pump its Oil deposits from Lokichar valley to the International market in early 2016. According to Oil News Kenya, the nation’s leadership has reached significant discussions on the issue with the latest being using road transport means as the nation awaits the
French Oil Firm Total Attacks Ugandan Tax Using Investor-State Dispute Settlement (ISDS)
By Edward Ronald Segyawa and Frank Mulder…. The heavily criticized legal mechanism, known as ISDS, is an important tool for European companies to pressurize developing countries. This year Uganda joins the rank of developing nations asking themselves: “Why have we ever signed this?” Earlier this year, the French oil company Total filed a request for
Uganda Oil and gas sector in 2015, progress haunted by the uncertain Crude Oil market
The year 2016 comes with uncertainty yet 2015 no doubt has been a very successful year for Uganda’s Oil industry. It has been a year in which major oil and gas activities have been fast tracked since the industry was inaugurated. However, the uncertainty of the market has stalled the kickoff of major projects and
The ‘not so good’ awaiting Nigeria Oil industry amid the threat of falling prices in 2016
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