EITI Board suspends DRC

The Extractive Industries Transparency Initiative (EITI) Board suspended the Democratic Republic of Congo (DRC) mid this month following concerns that it was not fully disclosing financial information and the disclosed financial figures were not reliable. EITI is an international initiative that operates on the principle that companies working in the extractives sector of member countries […]

CNOOC in record-breaking Canadian acquisition

The China National Offshore Oil Corporation (CNOOC) announced on Tuesday that it had acquired Canada’s loss-making Nexen Inc., at a price of about 15 billion dollars. This is the largest overseas acquisition ever made by a Chinese company, as China seeks to deepen its footprint in developed countries. According to Xinhua News Agency, China’s three […]

Educate the public about opportunities in the oil sector

Mr. Francis Kamulegeya is the Country Senior Partner of PWC in Uganda, the largest multinational professional services firm in the world. A tax professional, Mr. Kamulegeya has consistently called on Ugandans to seize the moment and exploit the numerous opportunities emerging from the country’s nascent oil and gas industry. Oil in Uganda spoke to him […]

Ruling party expels rebellious ‘Oil MPs’

The ruling NRM party announced early this week that it had expelled four Members of Parliament for indiscipline, two of whom were vocal critics of the recently passed Petroleum, Exploration and Development Act. Theodore Ssekikubo and Wilfred Niwagaba were also members of the Parliamentary Forum on Oil and Gas (PFOG), a pressure group of legislators […]

Government and oil companies agree on refinery, pipeline strategy

The deadlock between the government of Uganda and international oil companies over the size of the refinery to be built in Hoima District has finally been broken, a senior government official has confirmed. “The government and the oil companies have struck a deal that it should be 30,000 barrels a day,” Assistant Petroleum Commissioner Robert […]

Local insurers ready for oil and gas business

As Uganda slowly progresses towards oil production, the local insurance industry is positioning itself to underwrite the assets of the international oil companies that will extract the country’s oil and gas resources. Although some of the insurance companies are already involved in the oil industry, the bulk of the business is expected to come in […]

Green light: President assents to upstream law, Heritage Oil vows to fight on

Uganda’s oil industry received two belated Easter presents this week that, according to government officials, place the country on a solid path towards oil production. Amidst jubilation following Uganda’s reported victory in the tax arbitration case against Heritage Oil and Gas in London on Wednesday; junior Minerals Minister, Peter Lokeris, revealed that President Yoweri Museveni […]