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Economy

  • Junior Minreal Minister for Mineral Development Peter Lokeris (l) Tullow Uganda president Elly Karuhanga (2nd left) Mrs  Bridgette Radebe (c) and HIMA

    Extractives investors to be exempted from taxes

    (L-R) Junior Minerals Minister Peter Lokeris, Tullow Uganda President Elly Karuhanga and Bridgette Radebe, a South African Minerals investor at the opening of the conference.  

    President Yoweri Museveni yesterday promised to scrap some taxes currently being levied on investments in the extractives sector, saying they slow down economic growth. Read More

  • Chinese Premier Li Keqiang (2nd Right), meets with Uganda's Prime Minister Amama Mbabazi (2nd Left), in Beijing, China, July 3, 2013. (Photo: Xinhua/Zhang Duo)

    Uganda’s refinery: Investors to express interest next month

    Prime Minister Amama Mbabazi’s recent trip to China was reported in the Chinese press to have discussed the possibility of the Chinese investing in a Ugandan refinery.

    Prospective investors eyeing Uganda’s oil refinery will be pleased to learn that the government plans to invite them to express their interest in the project by the end of next month, according to a statement from the Ministry of Energy and Mineral Development. Read More

  • Directions to oil wells in Buliisa District owned by Tullow Oil

    Oil doubles foreign investment, but where are Ugandans?

    Directions to oil wells in Buliisa District

    Uganda topped the region in attracting Foreign Direct Investment (FDI) last year, with most funds going into oil, gas and mining sectors, says a report released by the United Nations Conference on Trade and Development (UNCTAD).     Read More

  • oil paint by Ismael Kateregga

    A $100 million deal struck every four days in Africa-Report

    French giant Total, together with CNOOC bought into Uganda’s oil fields early last year.

    Africa has seen a flurry of activity in its oil and gas sector, with an average of a deal worth 100 million dollars being struck every four days in 2011 and 2012, according to a recent report by PwC, the leading energy advisory firm in the world.

    The June 2013 issue of the Africa Oil and Gas Review offers a peek into the increasing volumes of trade in Africa’s oil and gas industry, worth a total value of 19 billion dollars in the last two years. Read More

  • Oil Truck

    South Sudan plans to truck its oil exports, agrees to resume production next week

    Mr. Philip Ajack Boldit

    South Sudan is urgently working on an alternative route to get its crude oil to markets by road, in the short term, if the agreement it signed last week in Addis Ababa with its Northern counterpart collapses again.

    The two countries agreed that South Sudan would resume production by March 24, 2013, following months of back and forth negotiations.

    South Sudan suspended oil production in January last year, accusing the North of charging exorbitant pipeline transit fees. The two sides signed an agreement last September, for Juba to resume exports through Sudan, but disagreements over border security issues delayed its implementation. Read More

  • Mr.John Page

    Oil will not dominate Uganda’s economy

     

    Mr. John Page

    John Page, a Senior Fellow of Global Economy and Development at the Brookings Institution, together with Mark Henstridge of Oxford Policy Management, authored a paper, Managing a Modest Boom: Oil Revenues in Uganda, in which they argue that Uganda’s oil revenues will take “at least a decade” to arrive and will not by themselves transform the country, probably growing to no more than five percent of gross domestic product for a thirty-year period.

    Mr. Page was recently in Kampala to participate in a regional oil and gas summit organized by the Economic Policy Research Center (EPRC), a Makerere University-based think tank.

    Oil in Uganda talked to him about Uganda’s oil industry. Read More

  • Dr. Duncan Clarke (Photo:in2eastafrica)

    Norway model not the best for Uganda, says leading oil commentator

    Dr. Duncan Clarke (Photo:in2eastafrica)

    Uganda does not necessarily have to adopt the Norwegian model for it to have a sustainable oil industry, says Zimbabwean born Dr. Duncan Clarke, an author and commentator on oil issues in Africa.

    In a presentation to the 6th East African Petroleum Exhibition and Conference in Arusha last week, Dr. Clarke referred to the Norwegian model as the “advocacy NGO type model” which “constrains the growth of the natural resource.” Read More

  • 22-year old Rachael Nibyagaba, a fourth year Geology student at Makerere University, was one of the twenty  students from the region sponsored by EAC to exhibit at the Conference.

    Uganda’s refinery on course, says PS—but companies seem to doubt it

    Seated: Tanzania’s Prime Minister, Mizengo Pinda (second left) poses for a group photo with Uganda’s East African Affairs Junior Minister, Shem Bagaine (center) and EALA Speaker, Margaret Zziwa (second right), in Arusha

    Ugandan motorists will fill up their cars with locally processed fuel in four years time, according to the permanent secretary of the country’s energy ministry.

    Addressing the sixth East African Petroleum Conference and Exhibition in Arusha last week, Fred Kabagambe Kaliisa insisted that Uganda’s refinery will start operating in 2016/17, with an initial capacity of 60,000 barrels of oil per day (bopd). It will be expanded two years later to enhance production to 120,000 bopd, and later to 180,000 bopd “to match the growing regional petroleum products demand.” Read More

  • Hon. Mary Jervase Yak (South Sudan) chats with Prof. Edward Rugumayo at the forum (Photo: Wandera Ouma)

    Proper revenue management, infrastructure development top agenda at regional oil and gas forum

    South Sudan’s Hon. Mary Jervase Yak  chats with Uganda’s Prof. Edward Rugumayo at the forum (Photo: Wandera Ouma)

    Key speakers at the ongoing regional forum on oil and gas in Kampala have emphasised the need for proper management of oil revenues as the East African Region prepares to join the world’s oil and gas producers.

    While opening the forum, Uganda’s Finance Minister, Hon. Maria Kiwanuka, stressed that oil revenues should be used to boost the sustainability of other productive sectors. “We want the black gold underground to facilitate the green gold above the ground”, she said. “Agriculture and tourism are all renewable resources vital to our economy. They need good financing for sustainability”. Read More

  • Image: Christmas turkey

    So you think you know about oil? And want to be a millionaire?

    For this young man, a bird on the shoulder is worth more than a barrel of oil in the bush (Photo: NY)

    The Oil in Uganda team extends warm, seasonal greetings to all our readers.  Also, to entertain you in between bouts of feasting, we have prepared a little quiz to test your general knowledge of oil  in Uganda and beyond.  Doing the quiz won’t, alas, make you a millionaire, but you may glean some interesting–and some shocking–facts. The answers to the following twenty questions appear at the end of the text—together with a ‘performance assessment’ depending on how many questions you answered correctly. Read More