Uganda might have to clearly write out its tax laws to avoid any looming battles with international companies – battles that might cost it money and time.
During a seminar in London recently, experts pointed to the tax cases Uganda has had with Heritage Oil and Tullow Oil, where they commended the government for winning the cases, but feared they could later lose cases if the laws are not clear enough.
Ugandan crude will be sold for the first time this year. The one-off sale by competitive bidding consists of 40,000 barrels extracted and stored earlier from extended well testing. An announcement about the sale was made by the Petroleum Exploration and Production Department [PEPD] the oil sector planning and regulatory body based in Entebbe.
If the total worth of Uganda’s oil was to be divided into 100 shares, Bunyoro would be entitled to only less than a share of that worth. Not that it deserves anything more or less. It’s what the (soon to be enacted) law stipulates and going by Austin’s theory, the law is the law. It…
The Association of Uganda Oil and Gas Service Providers has up to 78 member companies and organisations plus 24,000 farmers in the districts of Hoima, Masindi, Buliisa and Nwoya. Over the last several years, these suppliers have been gearing up and talking big about reaping from the oil and gas industry.
While oil and gas discovers have made some countries wealthy, the resource-rich East African countries tend to have worse development outcomes than other Africans. Borko Handjiski and Alexander Huurdeman discuss the effects of how governments go about managing their natural resources.
Concerns over fluid oil price scenario in the “short to medium” term likely to be balanced with considerable concessions on the investment considered one of the pillars of Uganda’s approach to the oil sector.
The embattled oil waste management company that has been in the news for its involvement in a land deal gone bad in Hoima that left almost 200 families homeless has decided to cease operations in Uganda.
To economists, oil prices follow a random walk (volatile and unpredictable), the very reason many economists are reluctant in forecasting oil prices. As a matter of fact, prices of oil have had five upward and downward swings since 2008. As such, I shall not endeavour to foolishly forecast the path of oil prices, but I must intimate that since the 5 year forward oil price in futures markets is higher than the current (spot) price, it is a strong indication that prices will increase. In 2009, 5-year forward price was lower than the spot price, which was indicative of potential fall in prices.
Government will build a petroleum institute in Nwoya district to produce “highly qualified and specialized” technicians needed by the oil industry. In October last year, government unveiled an ambitious plan for the host communities in the oil-rich Albertine region under the new
When he arrived in Kampala from Paris in October 2014, the tough talking new Total E&P (Exploration and Production) boss Francois Rafin had one mission on hand; securing a production licence. Where the man he was replacing, Loic Laurandel, had cooed and purred in discussions with government officials over the slow pace in the country’s oil sector,
Government is continuing to make preparations for the first competitive licensing round for acreage in the country’s oil-rich Albertine Graben.
State Minister for Energy, Simon D’ujanga, told Parliament this week that Cabinet approved the plans two weeks ago after which a report was submitted to the House as required by the Petroleum Exploration, Development and Production Act 2013. The announcement inviting Companies to participate in the licensing round is yet to be made.
I have vowed never to use the overused phrase ‘Africa Rising’ ever again, having long been somewhat cautious of the integrity of the projected growth rates and prospects for inclusive prosperity as I wrote here. However, while there is a lot to be positive about regarding African economic development, the commodity-driven stellar growth narrative is now being subverted by the oil price collapse.
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