Global crude oil prices continued to climb by the end of last week, partly due to the raging violence in Egypt currently under a state of emergency.
In the UK , Brent crude oil closed the week slightly over $ 110, the highest it has been in over four months. Read More
The Organisation of Petroleum Exporting Countries’ (OPEC) dominance of the global oil market is shrinking due to rising supply of shale oil mainly from the United States, according to the cartel’s monthly report for August, 2013. Read More
In the first oil and gas deal since Somalia’s pacification by Ugandan troops, the new government in Mogadishu has given extensive exploration rights to a UK-based company chaired by a former British cabinet minister and leader of the Conservative Party. Read More
Former Ghana President, John Kufuor, has advised Ugandan leaders to adhere to the principles of good governance if the country’s oil sector is to be sustainably managed.
Oil has long fuelled corruption in Nigeria, which currently ranks 139th out of 176 countries in Transparency International’s global ‘Corruption Perception Index.’ (The lower the rank, the more corrupt the country is perceived to be; Uganda ranks only slightly higher, at 130)
Yet membership of the Extractive Industries Transparency Initiative (EITI) is helping to clean up the country’s oil sector, according to Faith Nwadishi and Hilary Enenche, who work for the Nigerian branch of EITI. Read More
Tullow Oil announced last week that it had found more oil North of Kenya in its Etuko-1 well, building on the company’s previous successes with the Ngamia-1 and Twiga South wells in the Turkana area, as Kenyans continue to await confirmation of the commerciality of their oil discoveries. Read More
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