A US court has dealt a blow to demands for greater transparency in the global extractives industry by ruling that companies do not have to publish details of payments they make to foreign governments.
Section 1504 of the 2010 Dodd-Frank Financial Regulation Act had been widely interpreted to mean that natural resource companies listed on the US stock exchange would have to disclose all overseas payments. Read More
The fourth Eastern Africa Oil and Gas Summit in Nairobi last week ended on a high note, with most speakers acknowledging the need for rapid development of infrastructure to facilitate the development of the region’s newly-found oil and gas resources.
While making his presentation, Tullow Uganda President, Hon. Elly Karuhanga, urged delegates to exploit the business opportunities possible in the infrastructural challenges faced by the region, rather than see it as an investment deterrence. Read More
Sudan’s President Omar Bashir has once again threatened to halt South Sudan’s crude oil exports through Sudan, claiming that the South is supporting rebels against his government.
Sudan has given the South sixty days, as provided for in a cooperation agreement between the two countries last September, to drop its alleged support for the Sudan Revolutionary Forces rebel group or find another route to the sea for its crude oil. South Sudan, however, denies supporting the rebels. Read More
Tullow Oil plc announced yesterday that the Ghana government had approved the Development Plan for the Tweneboa-Enyenra-Ntomme Development (“the TEN Project”), paving the way for Tullow and its partners to go ahead and develop the discoveries, and dispelling media reports of a disagreement between the partners and government. Read More
A report released by the Revenue Watch Institute has ranked Ghana highest in sub-Saharan Africa in good natural resource governance.
The Resource Governance Index measured the quality of governance in the oil, gas and mining sectors of 58 countries worldwide, and Ghana emerged 15th, ahead of Liberia, Zambia, South Africa, Tanzania and the Democratic Republic of Congo, among other African countries. Read More
Tanzania is set to launch its fourth licensing round for its deep water offshore and north Lake Tanganyika acreage, as the country seeks to expand its vast proven natural gas reserves, currently at over forty trillion cubic feet.
Last week, the Tanzania Petroleum Development Corporation (TPDC) announced that seven offshore blocks and one onshore block would be up for grabs come this October. Read More
The sixth global conference of the Extractive Industries Transparency Initiative (EITI) ended today in Sydney, Australia, with all member countries and prospective member countries, including Uganda, re-affirming their commitment to the initiative. Read More
The sixth Extractive Industries Transparency Initiative (EITI) global conference opened today in Sydney, Australia, with the watchdog unveiling revised, more stringent standards for member countries and those intending to join.
Perhaps the most significant of the revised standards is the requirement for member states to make their contracts with the companies, including the Production Sharing Agreements, more transparent. Read More
The 2013 Mining for Development Conference closed today in Sydney, Australia, with speaker after speaker emphasising the role of good political and business leadership in the sustainable exploitation of natural resources.
While speaking on the final day of the two-day event, the Chairman of the Development Assistance Committee (DAC) of the Organisation for Economic Cooperation and Development (OECD), Erik Solheim, told delegates that bad governance was the main reason why some countries remained under developed, despite possessing vast amounts of mineral wealth. Read More
Exploration news coming out of Kenya this month indicates that the country will shelve the champagne, for now, as international oil companies intensify their treasure hunt on and offshore.
Last week, United States major Anadarko Petroleum Corp. announced it had failed to find oil in its ‘Kubwa’ well on Block L-07 offshore Kenya. Read More