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Hoima residents demand for ‘oil jobs’

Residents of Buseruka sub county, accuse SBC – a company that is constructing Hoima International Airport of coming with their workers from Kayunga to the detriment of the locals “Early this year, When SBC Uganda Limited [A company constructing Hoima International Airport] started construction

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Tilenga Project: Government to conduct public oil hearings

Government has accepted to hold two public hearings over the Environmental and Social Impact Assessment (ESIA) report for the Tilenga oil project. The public is hereby notified that the Petroleum Authority of Uganda (PAU) has been requested by the National Environment Management Authority (NEMA)

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NEMA reviews environmental concerns over Tilenga project

The National Environment Management Authority (NEMA) is seeking public comments on the Environmental and Social Impact Assessment (ESIA) report for the Tilenga oil project. The name Tilenga is derived from two local names for the Uganda Kob (Antelope) which is called “Til” in Acholi and

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NEMA reviews environmental concerns over Tilenga project

The National Environment Management Authority (NEMA) is seeking public comments on the Environmental and Social Impact Assessment (ESIA) report for the Tilenga oil project. The name Tilenga is derived from two local names for the Uganda Kob (Antelope) which is called “Til” in Acholi and

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Did you Know?

Cost oil, Profit oil

If a company finds oil in an area that it is exploring, it is usually entitled to recover the costs of its investment from sale of the oil it discovers.  Eg, if the company spends $100 million on exploration and production, and finds oil worth $500 million, it is entitled to recover its $100 million from total sales of the oil; this is called “cost oil.”  The remaining $400 million is called “profit oil” and is divided between the company and the government in accordance with the Production Sharing Agreement (PSA) they reached.  The PSA may outline a timetable for the company’s recovery of “cost oil”– for example, stipulating that during the early years of production the company cannot take all of the oil as “cost oil” but that a certain percentage of it must be counted as “profit oil,” to ensure that the government does not have to wait for years before seeing any share of the profits.  (See also Production Sharing Agreement.)

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