Gas Summit To Open Up Opportunities In Equatorial Guinea

Since the discovery of significant oil reserves in the 1990s, natural gas exploitation and export have become one of the most important assets and economy drivers in Equatorial Guinea. As often expressed by the Government, the country has a vision to become the region's Gas Hub, which entails close cooperation with local and international energy companies. On the wave of recent developments in the Equatoguinean gas market, and with the vast interest from international and local investors, SONAGAS G.E. and the CWC Group will host the Equatorial Guinea Gas Summit and Exhibition under the auspices of the Ministry of Mines & Hydrocarbons and GEPetrol. This important regional meeting will take place at the Sipopo Congress Center, Malabo, on 4 and 5 October 2018 as part of the country's 50th Independence Anniversary celebrations. 'I am delighted to be delivering the opening keynote address and sharing the President and Government's vision and…

Women In Albertine Grabben Challenged To Use Media

By Busiinge George Women leaders in Albertine Grabben region have been challenged to use the media in advocating for better services and promoting their political careers. Margaret Sentamu the Executive Director Uganda Media Women’s Association says women in leadership lack the necessary capacity to engage the media within and without. Speaking at an engagement between journalists and local leaders especially the women in the Albertine Grabben at Hoima Kolping hotel last week, Ssentamu asked for a close collaboration between the media and women leaders in advancing society. However some journalists working with different media organization observed that some women lack confidence and ability to articulate issues in the media hence affecting their space. Leilah Bbaale, the news editor Spice FM says it is important for women to understand how the media works and how their issues can be incorporated in the media. Nathan Kitwe Isingoma, the district speaker however challenged…

Uganda’s Oil And Gas Management Gets Stronger And Close To Delivery

Uganda's Albertine Graben is now a mature oil and gas province and where government issued nine petroleum production licenses to Total E&P Uganda, CNOOC (U) Ltd and Tullow Uganda Operations Pty Ltd. According to Article 244 of the Constitution, all minerals and petroleum in, on or under, any land or waters in Uganda are vested in the Government on behalf of the Republic of Uganda. Sustainable resource management requires an inclusive and comprehensive national strategy. In managing Uganda’s petroleum resources, The National Oil and Gas Policy for Uganda 2008 has been developed. This is the key document guiding the sector. The goal of the National Oil and Gas Policy for Uganda is to “Use the Country’s Oil and Gas Resources to Contribute to Early Achievement of Poverty Eradication and Create Lasting Value to Society”. In 2013 following a consultative process Parliament and the executive enacted two laws. These are the…

Banking On Oil Money: Move Expected To Boost Capital Levels, Financial Skills And Related Expertise

Top commercial banks in Uganda are moving fast to finance oil and gas activities as the country nears date of production. It is expected that lots of cash would be made by investors in the sector among them are banks. Thousands of jobs directly and indirectly are also being created for both the Ugandans and foreign experts. Uganda expects to produce first oil by 2022, after a highly respected Energy Ministry official said recently that the earlier target of 2020 was unlikely to be met. Private investors and government are currently sinking in the sector about US$15-20bn in the refinery, pipeline, roads and related infrastructure – ahead of the production date. Some of the interested investors are financial institutions. They are doing it at two major fronts – lending to suppliers, and training entrepreneurs with financial related skills to be able to deal with the sector demands. Stanbic Bank, the…

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…
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