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Tag Archives: oil

EITI : Uganda opens up to contract transparency in oil

Kampala, Uganda | THE INDEPENDENT | Cabinet last week made a decision for Uganda to join the Extractive Industries Transparency Initiative-(EITI). Government Spokesperson, Ofwono Opondo said cabinet agreed to join the initiative as part government’s commitment to accountability and transparency in the oil and gas sector. Ofwono’s revelation drew minimal media …

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Major DR Congo oil deal could be ‘void’: watchdog

Paris, France | AFP | A major deal allowing a company to drill for crude reserves in areas of the Democratic Republic of Congo bordering Africa’s largest protected rainforest may contravene the country’s own oil law, a watchdog said Friday. The transparency group Global Witness said that an agreement signed in …

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Uganda needs usd 20bn to complete oil processing facilities

Kampala, Uganda | THE INDEPENDENT |  Uganda needs to up to USD 20 billion (7.4 trillion Shillings) to achieve its first oil by 2021, according to the Energy Ministry Permanent Secretary Robert Kasande. The money according to Kasande will cater for upstream developments which include Central Processing Facilities (CPFs) and pipelines …

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Kadaga questions oil production timeline changes

Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament Rebecca Kadaga has questioned the recurring changes in timelines for achieving Uganda’s first oil, which was recently pushed to 2022. Kadaga’s inquiry was in response to a presentation by Energy Minister Irene Muloni indicating that that Uganda was likely to …

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Saudi Arabia hopes to lure over $425 bln in investments

Riyadh, Saudi Arabia | AFP | Saudi Arabia on Monday launched an ambitious programme which it hopes will attract $427 billion in investments in the industrial and logistics sectors, as the OPEC kingpin bids to reduce dependence on oil. To kickstart the 12-year programme, the Gulf state announced the signing …

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Uganda, Tanzania set new deadline for oil pipeline agreement

Kampala, Uganda | THE INDEPENDENT | Uganda and Tanzania have agreed to complete and sign a Host Government Agreement for the East Africa crude oil pipeline by end of June this year. The new deadline comes after week-long negotiations between Ministers from Tanzania and Uganda. The protracted negotiations at Kampala …

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Venezuela, an impaired oil giant

Paris, France | AFP | Venezuelan oil output has plunged by more than half in 30 years but the country still sits on the world’s biggest crude reserves, so any political changes will ripple worldwide. The country holds 17.9 percent of proven oil reserves, ahead of Saudi Arabia at 15.7 percent, …

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Board approves Kenol Kobil sale to French firm

5 Kampala, Uganda | THE INDEPENDENT | The board of the regional oil marketer, Kenol Kobil, has approved the proposed takeover of the firm by the French based company, Rubis Energie. The shareholders, however, have until February 18 to accept or decline the offer, according to reports from Kenya’s local …

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