Africa Oil Week: Prospect Forum To Create Platform For Opportunities

This year’s Africa Oil Week yet again provides the continent to deliberate on the possibilities of developing their natural resources. The annual meeting in south Africa has over the year’s provided a platform for governments and private sectors to forge a way for the development of oil and gas. At the Africa Oil Week, happening later this year 5th - 9th November 2018, the Prospect Forum will bring together exploration and production companies and government under one roof in an attempt to develop new business partnerships. This attempt is driven by stable and more predictable crude market averaging at $60 per barrel. While it is unknown what the global crude oil prices will be when the meeting gathers, the $60 mark is good news considering the markets had been battered to below $50 per barrel. “The Prospect Forum at Africa Oil Week is designed to support both B2G and B2B…

Dialogue To Unlock Local Content Opportunities In Oil And Gas Sector

The Association of Uganda Oil and Gas Service Providers (AUGOS), an umbrella body that brings together service providers in the oil and gas industry, will host a Local Content Stakeholder Dialogue in partnership with Association of Tanzania Oil and Gas Service Providers (ATOGS)on March 28th-29th 2018 at Hotel Africana in Kampala. The AUGOS-ATOGS event which will be held under the theme, “Unlocking local content opportunities in the oil and gas sector”, will bring together various stakeholders in Uganda’s oil and gas industry. While making the announcement, Prof. Charles Kwesiga, the AUGOS Chairman, said the dialogue intends to create a meaningful discussion around full exploitation of business opportunities in the industry and enhance capacity and readiness of service providers. This dialogue comes at a key stage as the country moves from oil exploration stage to development and production. This stage is estimated at approximately 20 billion dollars, peaking after 5 years.…

Tarmacking Of 69km Kigumba-Buliima Road Launched

By George Busiinge The tarmacking of the 69 kilometer Kigumba-Buliima road, a section of Kigumba-Kenjojo road has been commissioned and will take three years period. Officiating the ground breaking ceremony yesterday at Kabalega Secondary School in Masindi, Dr Ruhakana Rugunda, the country’s Prime Minister said the project which will cost sh37 billion shillings was awarded to China Railway No5 construction company. Dr Rugunda said the road is in fulfillment of the President Yoweri Museveni presidential pledge made during his re-election campaigns in 2016 aimed at poverty eradication, economic development and regional integration. Rugunda said the road is vital in the sub-region as it links up North and Mid-Western Uganda, adding that he believes it will improve service delivery. He noted that using own resources and some assistance from the Chinese government, the government will embark on construction of the 600km critical oil roads in Bunyoro sub region. He urged the…

Govt Intervenes In Oil Airport Local Content Complaints

By Geroge Busiinge Government has directed the Hoima district leadership to engage SBC officials, a company contracted to construct Hoima International Airport in the implementation of the local content policy to enable locals benefit from the project through jobs and provision of goods and services. The directive was issued by Eng. Monica Azuba Ntege, the works and transport minister while meeting SBC officials, Bunyoro Kingdom officials, Hoima district leaders and Members of Parliament from Bunyoro at the airport site to lay down a strategy of addressing the concerns of the people. Minister Azuba notes that top on the agenda of the meeting was the issue of failure by the contractor to offer jobs to the locals. She has note that the people in Bunyoro need to take advantage of the opportunities in the oil sector so that they own and participate in the projects rather than being spectators. She also…

Government Instability In Several Oil, Gas Producing Countries Set to Rise

Government instability is set to rise over the next three years in oil and gas producing countries including Russia, Kazakhstan, Egypt, Kenya and Uganda, which could impact the upstream projects of major energy companies, a new report from global risk analysis company Verisk Maplecroft has revealed. “We don’t see increasing instability necessarily ending in coups or significant political upheaval, but a less predictable above-ground-risk environment is likely to emerge,” Verisk Maplecroft’s head of financial risk, James Lockhart-Smith, said in an organization statement. “Arbitrary decision making, possible measures to buy off key stakeholders or an inability to pass regulatory reforms will be the main risks to projects in these countries as their governments seek to stabilize and maintain their influence,” he added. Turning its attention to oil markets in 2018, the report highlighted the stand-off on the Korean peninsula and the ongoing ‘cold war’ between Saudi Arabia and Iran as the…

Oil Prices: Rising Geopolitical Tensions In Middle East A Risk

Rising geopolitical tensions in the Middle East and Asia could have a major impact on oil prices in 2018, according to a new study. Oil markets have been well supported recently, thanks to production curbs by Opec since the beginning of last year, as well as robust demand growth. The weakness in the dollar has also supported oil prices, as it makes oil and other greenback-denominated commodities cheaper for countries using other currencies at home. Bank of America Merrill Lynch predicts the price of Brent to average $64 a barrel this year, while Goldman Sachs forecasts it will rise to $75 a barrel in three months and average $75 in the next six to twelve months. A report by risk analysis company Verisk Maplecroft points to a potential escalation in tensions between Saudi Arabia and Iran, as well as the stand-off on the Korean Peninsula, as two major “geopolitical flashpoints”…

Africa Energy Exploration Rights Renewed In South Africa

Africa Energy Corp. has received notice from the Petroleum Agency of South Africa granting a two-year renewal of the Exploration Right for Block 2B offshore the Republic of South Africa. Jan Maier, Africa Energy's V.P. of exploration, commented, "We are excited to receive notice about the renewal of the Exploration Right for Block 2B so that we can commence operations for the second exploration period. We have recently identified additional prospectivity and potential drilling locations on Block 2B using the previously acquired 3D seismic. We expect progress on the hydrocarbons legislation in South Africa this year, and we are advancing in our farmout process with a view towards drilling a high-impact exploration well on Block 2B in 2019." Block 2B covers 3,604 km2 off the west coast of South Africa with water depths ranging from 50 m to 200 m. The block contains a proven oil basin with an existing…

Obasanjo Leads Team To Chair 2018 Africa Oil Week

Former President of the Federal Republic of Nigeria, His Excellency Olusegun Obasanjo, will lead a team of established personalities who will chair this year’s Africa Oil Week in November. Others are Rt Hon Mark Simmonds, Former Minister for Africa MP, United Kingdom, Foreign and Commonwealth Office and Mr. Carlos Lopes, Former Executive Secretary of United Nations Economic Commission for Africa They’ll be working alongside the Africa Oil Week Industry Advisory Board, to bring you the very best, content-rich conference experience, uncovering the latest trends, topics, and deal-making opportunities Africa-wide. Over 1,100 professionals from across the globe take part in Africa Oil Week every year - making the show the meeting place for the continent’s oil and gas industry. Africa Oil Week will take place on take place from 5 to 9 November 2018 in Cape Town, South Africa. Government officials, NOCs, majors, independents, lawmakers, technical experts, and more meet in…

Pastoralists, Farmers Clash Over Refinery Land

By Busiinge George Seven people were this week arrested and at least 10 cows killed following a land clash between cattle pastoralists and Alur farmers in the Oil refinery land in Kabaale parish, Buseruka Sub-county, Hoima District. The clashes broke out over in Kitegwa village after Aur cultivators accused the cattle herdsmen of grazing in their gardens and destroying their crops. The serious battle is said to have occurred Monday morning when a group of Alur community attacked the herdsmen and engaged them in a serious fight. The fight left six people injured. Bernard Akankwasa, the Hoima district police commander has regretted the incident adding that seven people have been arrested. He said some of the injured are admitted at Buseruka health center three. He identified some of the suspects as Garleri Senfuma, Peter Nzabarita, Elifunsi Habamungu, Feresiano Nzatumu Suzan Tumuhweirwe and Innocent Barushimana. John Steven Ekom, the Hoima Residence…

30 percent Of Oil Airport Jobs To Go To Locals In Hoima

By Busiinge George Following the public outcry among locals in Bunyoro region that they are being denied jobs by companies executing oil related works, stakeholders in Bunyoro Wednesday held a crisis meeting to solve the impasse. A delegation of government officials led by the State Minister for Bunyoro Affairs Earnest Kiiza, met officials from Bunyoro Kitara Kingdom led by the Premier Andrew Byakutaaga and officials from SBC Uganda, the company contracted to construct Hoima International Airport and SCO a company contracted to construct Waseko-Buliisa road at a closed door meeting held at Miika Eco Resort Hotel in Hoima town. The meeting followed the recent demonstration by the locals who protested the failure by the SBC Uganda to offer them employment opportunities. Reports indicate that over 400 local people applied for the jobs at SBC Uganda but they were not considered. The locals are accusing the airport contractor of importing semi…
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