The Oil and gas reserves in the East African states of Uganda, Kenya, Tanzania and Mozambique, present unique investment opportunities which Multinational oil companies are eagerly waiting to tap into. Oil and gas analyst and regional general manager for Halliburton, Ramin Lakani said Lakani was speaking at the Oil & Gas Council’s 2015 Africa Assembly
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
Tanzania new Oil law seeks to strengthen state control in Oil sector
Tanzania’s new Oil and gas law, The Petroleum Act 2015, currently awaiting debate in National assembly highlights a number of provisions aimed at giving state an upper hand in the Oil and gas sector. The bill was presented by the government in pursuit of giving a legal and regulation framework to the country’s budding oil sector.
Nigeria: New government to privatize Refineries and cut subsidy on imported fuel
The new Nigerian government is finalizing plans cut expenditure on fuel subsidies and privatize four of its low capacity refineries in the latest economic recovery attempt. A source in Nigeria’s new president, Muhammadu Buhari’s Transitional committee revealed to Reuters that members on the new Nigeria administrative body advised the president to cut the cost on
Environment activists ask Uganda Energy Ministry to check sub standard fuel dealers in Oil region
Environmentalists in the oil rich western region of Uganda have asked the Ministry of Energy and Mineral Development to issue a directive compelling petroleum dealers to relocate fuel stations from congested urban areas. The region has of recent attracted a number of gas dealers and fuel stations. Speaking at a conference organised by the ministry of energy
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
Oil and the Budget: Uganda to track new infrastructure projects in Oil and gas
In a bid to fast track the commercialization of oil and gas, Uganda has widened its infrastructure scope to include a speedy construction process of an air field in the Albertine graben in the new financial year 2015/2016. The revelations were made by Minister of Finance, Planning and Economic development Hon Matia Kasaija during the presentation
British Oil firm bribed DR Congo army boss to aid illegal drilling in National park–Global witness
A British Oil firm Soco International paid an amount totaling to $15,600 to an army officer in Democratic Republic of Congo to cover up its illegal oil exploration activities in Virunga National Park, Global witness has revealed. The UK based NGO has published scanned copies of bank cheques which the firm issued to a one
Tanzania’s new oil discovery to turn Eastern Africa into world oil hub
The recent discovery of extra natural gas reserves in Tanzania could turn Eastern Africa into a world oil hub business experts have expressed optimism. Tanzania announced an increase in its gas deposits in the last 12 mouths following a number of discoveries in offshore blocks. The discovery of new Oil deposits in the East African
Oil Market: OPEC defiant on supply despite persistent fall in prices
As Crude oil prices continue to slide on the global oil market, the Organisation of Petroleum Exporting Countries (OPEC) has expressed Optimism on the performance of the market saying that the world oil demand will increase in the Second half of 2015 and 2016. OPEC made the observations in 167th Extra ordinary meeting held in