Oil companies, Govt Tell Farmers To Prepare For Emerging Opportunities

Farmers in the albertine graben region where Uganda found significant amount of tradable oil and gas must prepare themselves by reading the laws and regulations on local content to fully understand how they can participate. The wise counsel was voiced by Jessica Kyeyune, the national content supervisor at CNOOC Uganda Limited, speaking during the training of suppliers and farmers on the oil and gas opportunities held at Kijungu Hill Hotel in Hoima town. Kyeyune said sector laws and regulations ring-fenced certain areas of business for Ugandans. She explained that these are opportunities for Ugandans to participate in business during the building of the oil pipeline, refinery, and construction of oil fields. She however urged Ugandans to. The chairperson LCV Hoima Kirungi Kadiri challenged Oil companies to always prepare farmers in groups to form cooperatives and be registered in the national suppliers’ database for them to compete with others. He says…

Participation In Oil And Gas Industry Stands At 28 Percent

The executive director Petroleum Authority of Uganda (PAU) Mr. Ernest Rubondo has said records show that over the last 10 years, national participation in terms of money earned compared to investments and employment has been recorded at 28 percent in the oil and gas industry. He further said Uganda’s industry seeks the full participation of its citizens something the country is grappling with today. Mr. Rubondo said this while addressing members of the Uganda Chapter of the Society of Petroleum Engineers. The function took place at Kampala Sheraton Hotel recently. Angola has produced oil for 40 years and Nigeria for the last 60 years without comprehensive legal frameworks which has seen their citizens not gain much from the industry. Uganda on the hand has taken progressive steps in developing its oil and gas industry. “It is a big achievement for Uganda to have all the laws in place before the…

Hoima-Tanga Pipeline Route Cost Rising, Muloni

The minister for energy and mineral development Irene Muloni has expressed fears that the cost of transport Uganda’s crude from Hoima in western Uganda to international market through Tanga port in Tanzania could be costly. She also hinted that that emerging cost from the prior estimation is failing negotiations between government and oil companies. “One of the reasons for choosing the Hoima-Tanga route was because it was the least costly, not more than $12.2 per barrel of oil transported through the pipeline. That was the understanding and agreement,” the minister told reporters in Tanzania after a bilateral meeting between Uganda and Tanzania. "But down the road as we are trying to finalise the [negotiations] the financial model brought out different issues, which were going to go beyond what we had agreed upon and therefore that held us back. We needed to negotiate and discuss and agree so that [the companies]…

Tanzania Eyes Economic Benefits From Uganda Oil Export Pipeline

Tanzanian authorities are strategizing how to maximally benefit from Uganda’s crude oil which will be exported through their sea port of Tanga once production start, prefereably in 2021 as the new deadline set by authorities in Kampala. Merdard Kalemani, the Tanzanian energy minister told journalists during a bilateral meeting meeting Uganda and Tanzania that his country is putting national interests first in the ongoing talks on the construction of the Uganda-Tanzania Crude oil pipeline. “We must make sure that the country benefits from the project. To start with, we will identify, empower and bring on board local companies to provide services during the construction of the pipeline,” Kalemani stated. “We want to ensure that the economic benefits from the oil pipeline project contribute to our economic growth. What is being done so far is that we are digging the trenches in Manyara, Tanga and Kondoa in Dodoma in preparation for…

Chinese Energy Conglomerate Convicted of International Bribery

A federal jury in New York City today convicted the head of a nongovernmental organization (NGO) based in Hong Kong and Virginia on seven counts for his participation in a multi-year, multimillion-dollar scheme to bribe top officials of Chad and Uganda in exchange for business advantages for a Chinese oil and gas company, announced Assistant Attorney General Brian A. Benczkowski of the Justice Department's Criminal Division and U.S. Attorney Geoffrey S. Berman of the Southern District of New York.Chi Ping Patrick Ho, aka "Patrick C.P. Ho," aka "He Zhiping," 69, of Hong Kong, China, was found guilty today after a one-week jury trial before U.S. District Judge Loretta A. Preska in the Southern District of New York of one count of conspiring to violate the Foreign Corrupt Practices Act (FCPA), four counts of violating the FCPA, one count of conspiring to commit international money laundering and one count of committing…

Oil Producers should Stand Together, Equatorial Guinea

The Ministry of Mines and Hydrocarbons, representing the Government of Equatorial Guinea has called for unity amongst oil producing ahead of this week's 175th Ordinary Meeting of the Organization of Petroleum Exporting Countries in Vienna. The meeting will be a critical juncture for the organization as it grapples with declining oil prices and a decision whether to prolong production cuts which stabilized global oil markets and brought the industry back from collapse. Equatorial Guinea stands with OPEC and Non-OPEC countries, pledging continued support to the strong leadership demonstrated by our members and H.E. Mohammed Barkindo in a complex period for the oil and gas industry. "Never in the history of the oil industry has unity amongst producing nations been more important. We call on oil producers to stand together and in solidarity with OPEC and under the leadership of our brother H.E. Barkindo, in our efforts to maintain balance and…

Vantage Capital Provides €19m Facility To Pétro Ivoire

Vantage Capital, Africa's largest mezzanine fund manager, announced today that it has provided €19 million of mezzanine funding to Pétro Ivoire, a leading distributor of oil & gas products in Côte d'Ivoire. The company operates a network of 72 petrol stations across the country (3rd placed after Total and Vivo Energy) and is also the largest gas distributor, with over 1.7 million gas bottles in circulation. It also holds a 40% stake in Côte d'Ivoire's largest gas storage and bottle filling facility, SAEPP. The company sold 230 million litres of petroleum products in 2017. Vantage's funding has enabled the founding family to regain a controlling equity stake in the company by facilitating the buy-back of equity from two exiting private equity investors, Amethis and the West Africa Emerging Markets Growth Fund. Founded in 1994 by Mathieu Kadio-Morokro, the company is now run by his son, Sébastien Kadio-Morokro, who was recently…

CNOOC’s Bunyoro Amasaza Football Tourney Kicks Off

BY George Busiinge CNOOC Uganda Limited, for the seventh year running, is sponsoring the now famed CNOON Bunyoro Amasaza Cup, a tournament that promotes football in the oil rich kingdom. This year, CNOOC has allocated Shs130m to facilitate the tournament. The 2018 tournament was Friday launched by His majesty King of Bunyoro Solomon Gafabusa Iguru in his palace. The launch would later be shifted to Sir Ttito Winyi for the opening match between Hoima Municipality (1) and Kigorobya County (0). The competitive tournaments attracts teams from the counties of Kagadi, Kikuube, Kiryandongo, Buliisa, Hoima, Masindi and Kibaale. CNOOC said their continued investment in the Amasaza Cup is part of the company’s corporate social responsibility and underlines its willingness to the development of vocational skills, education and talent through sports. The football tournament aims at advancing the glory and culture of the Bunyoro Kitara kingdom through sports. Zhao Shunquiang, president CNOOC…

Minister Blames First Oil Delays On Poverty

The Minister of Finance, Planning and Economic Development, Matia Kasaija has blamed Uganda's delay to have first oil on poverty, explaining that country has failed to raise the money required to start producing its oil and gas. “Ladies and gentlemen, poverty is terrible. Poverty is bad. If we were not poor, we would have had our oil out of the ground 3 or 4 years ago. Now we don’t know when we shall have it (out),” Minister Kasaija said. Kasaija made the remarks while addressing guests that had gathered at Kampala Serena Hotel during the Economic Summit organized by NTV. Uganda expected to commence oil production next year but delays to finalize with FEDD studies, delayed infrastructure development and back and forth negotiations between government and oil companies has ensured that the country's oil remains underground.

Africa Must Support OPEC To Stabilize Oil Markets

The African Energy Chamber urges the Organization of the Petroleum Exporting Countries and other key global oil producers, including Russia, to continue with the historic production cuts at the December 6, 2018 OPEC meeting to stabilize the oil price. Oil prices have dropped by about 20 percent in November, and the month is likely to record the biggest one-month decline in oil prices since the crash of 2014. This is not good for producers in Africa and African economies. The Chamber urges African producing nations, both those that are OPEC members and Non-OPEC members to speak up with one voice in support of OPEC's policy on stabilizing the market. "This new drop in oil prices clearly shows the world that the global supply cut has not been eliminated. The future of the petroleum sector — and indeed the future of global energy security — depends on a continuation of the…
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