Tag Archives: oil

Van Horn, United States | AFP |  For the companies that drill the highest-producing deposit of oil and natural gas in the world, straddling the border between Texas and New Mexico, the crash in oil prices has led to spectacular losses. Craig Blair, the co-owner of the Capitan Energy oil and …

COMMENT | Lamunu Petronilla |  The COVID-19 pandemic struck at a time when the Government of Uganda had made notable strides in the development of the oil and gas sector. These include establishment and the operationalization of key institutions like the Petroleum Authority of Uganda (PAU) and the Uganda National Oil …

Kampala, Uganda | THE INDEPENDENT | A deal in which Irish firm Tullow Oil sold all its interests in the Lake Albert oil project to France’s Total E&P has been hailed as a win for the country and all stakeholders involved. African Energy Chamber, a think tank on oil and …

COMMENT | Joseph Mukasa Ngubwagye | On the 23rd of April 2020, media was awash with the news of the transfer of Tullow’s interests in the Uganda Lake Albert Project to Total E&P Uganda B.V. Total will acquire all of Tullow’s current 33.3334% stake in each of the project licenses …

Dr. Mary Goretti Kitutu, the Minister of Energy and Mineral Development noted in a short statement released yesterday that:  “The agreement is a significant milestone in Uganda’s oil and gas sector and is a critical development that takes the sector towards the final investment decision (FID) that the country is …

  Kampala, Uganda | RONALD MUSOKE | French oil super major, Total, will take over Tullow’s assets in Uganda’s Lake Albert Development project including the stake in the East Africa Crude Oil Pipeline following the recent conclusion of a sale and purchase agreement with the British oil firm. According to …

Hong Kong, China | AFP |  Oil resumed its painful retreat Wednesday, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. With demand virtually non-existent owing to virus lockdowns, and production still high despite storage at bursting point, …

New York, United States | AFP | Oil prices ended New York trading in the negative on Monday for the first time ever, as a supply glut forced traders to pay others to take the commodity. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery ended …

Algiers, Algeria | AFP |  Algeria faces economic and social turmoil if crude prices continue to collapse, experts have warned, with the oil-dependent country reeling from a year of popular protests, political turmoil and now, coronavirus. The North African country is an example of how hydrocarbon economies are likely to face …

London, United Kingdom | AFP |  Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends …