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Since reaching FID in February 2022, Uganda has kicked off a massive oil drilling campaign with four oil rigs⏤ three of them at the TotalEnergies-operated USD4-5 billionTilenga Project in Buliisa and Nwoya districts, and one rig at the CNOOC-run USD2-3 billionKingfisher Project in Kikuube in the Albertine Graben. As of June 2024, TotalEnergies had made considerable progress in drilling over 35 oil wells with a projection of drilling 98 wells by the end of 2024. Seven oil wells had so far been drilled at the KingFisher Project alongside other engineering, procurement, and construction (EPC) works. Construction works for the USD5…
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Last week British American Tobacco Uganda (BATU) released its performance results for 2023 reporting that due to a reduction in cigarette sales volumes- its revenues and net profit had each reduced. BATU reported that gross turnover reduced 13.6% from UGX99.5 billion in 2022 to UGX86 billion in 2023 and as a result, net profit went down by 10.1% from UGX9.9 billion to UGX8.9 billion. In what has now become a more than decade-long cry song, the company blamed the poor sales on the persistent illicit tobacco products trade that it said constitutes about 29% of the industry and costs the…
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In November 2022, Minet Uganda⏤ a risk, re-insurance and human capital solutions advisory company celebrated its 5th anniversary. The company has however been present for much longer, but under different names, thus the “5 years in Uganda and 75 Years of African Heritage” celebratory theme. Minet started operations in Uganda in 1954 as JH Minet Company. In 1997 Aon, a global provider of risk management, human resource consulting and outsourcing solutions, as part of their African expansion strategy, acquired London Minet and subsequently the Ugandan operation became Aon Minet and later Aon Uganda. In 2017 private equity firm, Capitalworks acquired…
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