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September, 1955: Omukama Sir Tito Gafabusa Winyi IV and Sir Andrew Cohen, Governor of the Uganda Protectorate, sign a ‘Bunyoro Agreement’ that, the kingdom claims, remains valid today. (Picture: www.san-luigi.org)

“Government should explain the rationale for determining oil royalties”

The Public Finance Bill proposes that 7% of oil royalties will be shared with local governments located within oil producing areas, raising questions on why and how these allocations will be made.

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NAPE REPORT FRONT PAGE

The thin line between conservation and extraction

Government, investors and host communities have to make a choice between sustaining sacred natural sites and territories, water and communities’ food sovereignty; or sacrificing them in favour of short-term benefits from mining and extractive activities, says a new report by the National

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oil paint by Ismael Kateregga

Total applies for second production license

Total E&P Uganda has applied for a production license for the Jobi Rii discovery, its second application in eight months. 

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A map showing the Ngassa area shaded in green and yellow stripes.

Tullow vows to challenge tax ruling

Tullow Oil has revealed it will challenge yesterday’s ruling by the Uganda Tax Appeals Tribunal ordering the company to pay 407 million dollars in accumulated Capital Gains Tax resulting from the sale of its oil blocks to China National Offshore Oil Corporation (CNOOC) and Total in 2012.

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Ghana-Flag-Map

Ghana abolishes fuel subsidies again

Ghanaian motorists and other fuel consumers will, starting this week, spend more on petroleum following a weekend announcement that government had resolved to abolish fuel subsidies in order to reduce its budget deficit.

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Did you Know?

Publicly listed, IPO

A company is “publicly listed” if its shares are bought and sold publicly on a stock market/stock exchange. It is owned by the shareholders (who may include both individual shareholders and “institutional investors” such as pension funds), and managed by a Board of Directors elected by an Annual General Meeting.  Private businesses, even when they are quite large, can operate lawfully without listing on a stock exchange.  Public listing, however, is a useful way for a growing company to raise capital (at first through an “initial public offering” [IPO] that offers shares in the company for sale, and later through the issue of further shares), and most of the world’s larger companies are publicly listed.  Transparency requirements for publicly listed companies are higher than for wholly private companies, because the publicly listed companies are required by law to disclose financial and other information in reports to shareholders and government authorities.

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