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
Oil and Politics: Nigerian president Buhari expected to takeover Oil Ministry
Newly elected president of Nigeria Muhammadu Buhari is expected to appoint himself as head of the Oil Ministry reportedly over the massive corruption in the industry sources have said. As the nation eagerly awaits for the new cabinet, a source in Nigeria told reuters that the oil sector is so dirty that nobody’s hands are
Uganda Ministry of Energy expert says Oil sector is attractive despite Oil price threats
In an article published by the New vision on May 7, 2015, investment experts cautioned Uganda to take careful strides as the nations looks to spending in the budding oil and gas sector. Experts observed that since the nation was entering a highly speculative and competitive market, it was prudent to observe major international oil industry
Crude Oil prices rise as multinationals to fight for market control
As oil market players continue to forge way forward for the low crude oil prices, a ray of hope lingered on market today as prices were hiked according to the latest United States Stockpile report. According to Bloomberg, US benchmark West Texas Intermediate (WTI) for July delivery rose 21c to $57.72 while Brent crude for July