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Shs 125 billion withdrawn from the Petroleum Fund irregularly – Auditor General

Auditor General notes the money was withdrawn from the petroleum fund without following procedures laid down in the Public Finance Management Act, 2015. In his latest report to Parliament, John Muwanga, Auditor General has faulted the Ministry of Finance, Planning and Economic Development

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National Oil and Gas Talent Register to boost employment of Ugandans in the sector

The National Oil and Gas Talent Register (NOGTR) will boost employment of Ugandans in the nascent oil and gas sector, according to Mr. Ernest Rubondo, the Executive Director, Petroleum Authority of Uganda (PAU). On 1st February, the Petroleum Authority of Uganda (PAU) launched the National Oil

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Oil jobs: Government to establish Petroleum Skills Development Fund

Oil jobs: Government to establish Petroleum Skills Development Fund At least $ 44.7m will be injected in the fund in the next 8 years to skill Ugandans for Oil jobs In order to increase the number of Ugandans with appropriate qualifications and skills to take up jobs in the oil and gas

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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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Did you Know?

Rents, rent-seeking

Economic “rents” are profits which are higher than would be expected in a situation of theoretically perfect competition.   (For example, if a company or government has a monopoly over a particular resource, they can command a higher price for it.) “Rent-seeking” describes the behaviour of individuals and businesses who try to get special rights over the resource, rather than adding value to it or creating new wealth.  (That is, investing in getting a bigger slice of the cake rather than doing anything to make the cake bigger.)

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