How 2018/19 National Budget Will Fund Oil & Gas Sector Alongside Private Sector Financiers

Finance Minister, Matia Kasaija, will in June read the National Budget for the FY2018/19. All eyes are on what key priority areas that his budget will focus on, in a bid to achieve government’s ambitious target of a lower middle income status by 2020. One of the sectors to watch is the oil and gas sector that is expected to contribute tangibly to the attainment of this development agenda. Government already approved the new budget whose resource envelop is Shs 30.9trillion. A bulk of which would be mobilized internally as domestic revenue –by Uganda Revenue Authority –projected to be Shs16.4trillion (over 53% of the total resource envelope). The rest will be through internal, external borrowing and donations. The Energy and Mineral Development sector – where oil and gas belong – is expected to get Shs 2.5 trillion in FY2018/19 (11.5%) up from Shs 2.3 trillion (10.5%) in the ending financial…

Auditor General Faults Government On Oil Deals

On April 26, at the 4th Oil and Gas Convention, organized by the Ministry of Energy and Mineral Development in conjunction with the Uganda Chamber of Mines and Petroleum, the Prime Minister of Uganda, Ruhakana Rugunda spoke with a lot of optimism about Uganda’s eye for first oil by around 2020. First, he said, big steps had been made after government signing the contract for the construction of the $4 billion oil refinery with the Albertine Graben Refinery Consortium after more than one year of negotiations. He said efforts to get other key projects like oil roads, the pipeline, the Airport were in high gear. He also said that government had put in place a sound legal and policy framework that paved way for the formation of key institutions of government and the private sector to take part in the oil and gas sector. He also said that government remains…

Uganda To Promote Oil & Gas Projects At Africa Oil Week

Uganda’s Minister of Energy and Mineral Development, Irene Muloni, will lead a delegation of private and public-sector players from Uganda's oil and gas sector to the Africa Oil Week 2018 , which will be held between 5 – 9 November, 2018 in Cape Town, South Africa. Hon Muloni said, "Uganda is open for business and we will be looking forward to promoting the country`s highly progressive and lucrative hydrocarbon sector during the Africa Oil Week. Over the course of the week, we will announce a roadmap for Uganda's next licensing round and offer insights into our country's potential and operating environment." Uganda is committed to developing its petroleum sector across the entire value chain, and clear strides to move the country's key assets from the exploration phase into the development phase have been made. Uganda offers opportunities for companies looking to explore, develop and utilise its petroleum assets. The Permanent…

National Oil Company Of Nigeria To Go Public

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has announced that the corporation will be listing over 40 percent of its shares on the Nigerian Stock Exchange (NSE). Making the announcement in his keynote speech at a conference held in Lagos, Nigeria on Friday, Dr. Baru said that the shares would be floated once the Petroleum Industry Governance Bill (PIGB) gets presidential assent. Following a 17-year delay, the Petroleum Industry Governance Bill was passed in January 2018. The Bill aims to introduce reform into the sector, restore transparency and facilitate a thriving petroleum industry that will be beneficial to the economy of Nigeria. In doing this, Dr. Baru said the sector has to be more commercially driven. Under the current law, the NNPC functions as both operator and regulator of the oil sector, under the governance of the Ministry of Petroleum Resources. This, among…

Honeymoon Over For Oil Rich Angola’s Lourenço

Since gaining power one year ago, Angolan President João Lourenço has enjoyed the benefits of renewed market optimism and fresh investor interest in the important oil-producing African economy. However, there are growing indications that the new government's 'honeymoon' period is over as investors are becoming concerned with entrenched state corruption and the persistently weak state of the economy. Lourenço has launched a high profile crack-down on corruption and sought to end industry monopolies. However, so far the only graft cases pursued by his administration have been politically motivated, thus allowing the new president to remove critics and to stake out his new political territory. In fact, President Lourenco's touted anti-corruption stance is more indicative of concerted attempts to dismantle his predecessor's influences and consolidate total power over Angola's political institutions than any meaningful attempts at reform. This remains evident in the oil sector, where his government has been reluctant to…

Bunyoro Kingdom Demands For Shares In National Oil Company

By George Busiinge Bunyoro Kitara Kingdom has demanded government to review petroleum laws to allow it have shares in the Uganda National Oil Company (UNOC). The Uganda National Oil Company Limited is a state own company established under section 42 of the petroleum Act 2013. It is the custodian of state’s commercial interests in the oil and gas industry. Andrew Kirungi Byakutaga, the kingdom’s prime minister wants government to open up by allowing other institutions like Bunyoro Kingdom to buy shares in UNOC for the benefit its people. “We are going to engage government and parliament more to ensure we get at least 25 percent shares in this company such that the kingdom is financially stable to support its people fight poverty. We ask government to find a way of doing it; either by offering it freely or selling to us,” he said. Byakutaga made the remarks on Friday while…

Vivo Energy, Britam Partner To Launch Insurance Promotion

Vivo Energy Uganda recently partnered with Britam Insurance to provide affordable motor insurance for all its customers. Driven by the steady growth in convenience-seeking customers, Vivo Energy Uganda is refurbishing existing Shell service stations so that they not only include high-quality fuels and lubricants but also offer services including shops, quick service restaurants, pharmacies, ATMs, tyre centres and car wash facilities. Insurance services is the latest addition to our offer. During the launch of the promotion at Shell Kabalagala, Gilbert Assi, Managing Director, Vivo Energy Uganda said that Vivo Energy has invested in convenience retailing to offer a wider range of services to both customers who fuel and service their vehicles at Shell service stations, as well as walk in customers. “The partnership with Britam Insurance Uganda continues to reaffirm what we have always said and believed in – that convenience retail is an extension of our core business at…

Too Early To Consider Joining OPEC

Talk of Uganda becoming a member of Organization for Petroleum Exporting Countries (OPEC) is premature, Ms. Proscovia Nabbanja, the Chief Operating Officer – Upstream, at Uganda National Oil Company (UNOC) said. She was responding to a suggestion that Uganda should consider joining the elite organization. This was at the launch of of the Second Edition of Uganda's Petroleum and Mineral Development Scorecards which took place at Golf Course Hotel in Kampala. UNOC, a state owned enterprise, handles the state’s commercial interests in the petroleum sector and works to ensure that the resource is exploited in a sustainable manner. Ms. Nabbanja believes this is ‘not the time’ to consider joining OPEC because ‘we are not yet producers’. She said Uganda attends OPEC meetings as observers. During the recent OPEC Ms. Nabbanja represented Uganda. “What we want is to first build our portfolio,” she said, explaining that by attending these OPEC meetings,…

Ghana Summit To Address Electricity, Oil And Gas Potential In West Africa

EnergyNet will host the third Regional Energy Co-operation Summit (RECS): West in Ghana from 26-28 September 2018 - exploring business opportunities in the WAPP regional electricity market and the impact that anchor energy projects will have on regional energy development. RECS: WESTis held with the official endorsement and participation of Honourable Boakye Agyarko, Minister for Energy of the Republic of Ghana. In alignment with the opportunities in the energy market in West Africa, the programme will follow Hon. Agyarko's portfolio: power, petroleum and financing infrastructures. A strong emphasis will be given to the Government's plans to consolidate the gas sector and improve efficiency in the state energy utilities, particularly the ECG Private Sector Participation (ECG PSP) process. The launch of the regional electricity market will impact West Africa's regional economy and create new business opportunities. Mr. Ki, Secretary General of West African Power Pool (WAPP) and Prof. Bogler, Chairman of…

Death Of PAPs, Land Wrangles Affect Tarmacking Of Kabwooya – Kyenjojo Road

By George Busiinge The death of Project Affected Persons (PAPs) without documented wills, land wrangles and court cases are the major obstacles affecting progress of tarmacking the 100 kilometer Kabwoya - Kyenjojo road. William Matovu, head land acquisition at Uganda National Roads Authority (UNRA) observes that majority of PAPs who have not yet been compensated have wrangles regarding land ownership. Others died without leaving wills to family members. Matovu added that 48 PAPs have not been compensated, 16 have court cases and family disputes that are in process of being resolved and 32 have submitted their documents and payments are being processed. Matovu revealed that out of 5,757 PAPs, 5709 (99%) have been fully compensated along the entire 100km stretch leaving a gap of 48 persons uncompensated. Sh24 billion is the total compensation package for the 100km Kabwooya - Kyenjojo road. He says majority of the uncompensated have family land…
Subscribe to this RSS feed

26°C

Kampala

Mostly Cloudy

Humidity: 74%

Wind: 22.53 km/h

  • 24 Mar 2016 28°C 22°C
  • 25 Mar 2016 28°C 21°C