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  • Image: Ghana's FPSO

    Ghana leads Africa in resource governance-Report

    The Kwame Nkrumah Floating Production, Storage and Offloading facility in Ghana’s offshore Jubilee Field, operated by Tullow and partners. Ghana had earned 3 billion dollars from oil exports by the end of 2012 (Photo: Tom Fowler)

    A report released by the Revenue Watch Institute has ranked Ghana highest in sub-Saharan Africa in good natural resource governance.

    The Resource Governance Index measured the quality of governance in the oil, gas and mining sectors of 58 countries worldwide, and Ghana emerged 15th, ahead of Liberia, Zambia, South Africa, Tanzania and the Democratic Republic of Congo, among other African countries. Read More

  • Tanzania’s fourth licensing round slated for October

    Tanzania is set to launch its fourth licensing round for its deep water offshore and north Lake Tanganyika acreage, as the country seeks to expand its vast proven natural gas reserves, currently at over forty trillion cubic feet.

    Last week, the Tanzania Petroleum Development Corporation (TPDC) announced that seven offshore blocks and one onshore block would be up for grabs come this October. Read More

  • Uganda to join EITI soon, says Energy Minister

    Hon. Irene Muloni (left) poses with the Council for African Policy’s Patrick Ongodia and another Ugandan delegate, Don Binyina, at the EITI conference in Sydney.

    The sixth global conference of the Extractive Industries Transparency Initiative (EITI) ended today in Sydney, Australia, with all member countries and prospective member countries, including Uganda, re-affirming their commitment to the initiative. Read More

  • EITI unveils revised standards

    The Nigeria Stall at the EITI exhibition in Sydney. Nigeria has recovered two billion dollars of mismanaged funds as a result of EITI.

    The sixth Extractive Industries Transparency Initiative (EITI) global conference opened today in Sydney, Australia, with the watchdog unveiling revised, more stringent standards for member countries and those intending to join.

    Perhaps the most significant of the revised standards is the requirement for member states to make their contracts with the companies, including the Production Sharing Agreements, more transparent. Read More

  • Name and shame corrupt mining companies, urges Aid Chief

    Mr. Erik Solheim

    The 2013 Mining for Development Conference closed today in Sydney, Australia, with speaker after speaker emphasising the role of good political and business leadership in the sustainable exploitation of natural resources.

    While speaking on the final day of the two-day event, the Chairman of the Development Assistance Committee (DAC) of the Organisation for Economic Cooperation and Development (OECD), Erik Solheim, told delegates that bad governance was the main reason why some countries remained under developed, despite possessing vast amounts of mineral wealth. Read More

  • Anadarko not yet lucky offshore Kenya

    Recently elected Kenya President Uhuru Kenyatta promised sweeping but expensive reforms during the campaigns and must be eager to have Kenya on the list of the world’s oil producers.

    Exploration news coming out of Kenya this month indicates that the country will shelve the champagne, for now, as international oil companies intensify their treasure hunt on and offshore.

    Last week, United States major Anadarko Petroleum Corp. announced it had failed to find oil in its ‘Kubwa’ well on Block L-07 offshore Kenya. Read More

  • EITI Board suspends DRC

    The Extractive Industries Transparency Initiative (EITI) Board suspended the Democratic Republic of Congo (DRC) mid this month following concerns that it was not fully disclosing financial information and the disclosed financial figures were not reliable.

    EITI is an international initiative that operates on the principle that companies working in the extractives sector of member countries must publicly disclose payments they make to governments and governments disclose whatever revenues they receive from those companies. Read More

  • CNOOC in record-breaking Canadian acquisition

    The China National Offshore Oil Corporation (CNOOC) announced on Tuesday that it had acquired Canada’s loss-making Nexen Inc., at a price of about 15 billion dollars.

    This is the largest overseas acquisition ever made by a Chinese company, as China seeks to deepen its footprint in developed countries.

    According to Xinhua News Agency, China’s three major energy companies-China Petrochemical Corporation (Sinopec), China National Petroleum Corporation (CNPC) and CNOOC – closed acquisition deals overseas worth a total of $25.4 billion in 2012. Read More

  • Green light: President assents to upstream law, Heritage Oil vows to fight on

    A sign at the entrance of a primary school built by Heritage Oil and Gas in Buhuka, Hoima District in the area that hosts the Kingfisher Oil wells (Photo:CM)

    Uganda’s oil industry received two belated Easter presents this week that, according to government officials, place the country on a solid path towards oil production.

    Amidst jubilation following Uganda’s reported victory in the tax arbitration case against Heritage Oil and Gas in London on Wednesday; junior Minerals Minister, Peter Lokeris, revealed that President Yoweri Museveni had finally signed the Petroleum (Exploration, Development, Production) 2012 Bill, into law. Read More

  • 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