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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Makerere University students are set to benefit from a Memorandum of Understanding (MoU) signed between officials of the university and The East African Crude Oil Pipeline, on behalf of its contractors and suppliers to provide a framework that will guide collaboration between the two entities towards the realisation of the National Content Capacity Building initiatives in the oil and gas industry, and other Corporate Social Responsibility (CSR) initiatives and projects. EACOP is a project company set up to develop, build and operate a pipeline system which will transport crude oil from Kabalega Industrial Park in Hoima District in Uganda to the…
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As dfcu Bank celebrates 60 years of transforming lives and businesses in Uganda, the Bank’s commitment to creating a positive impact remains unwavering. dfcu recently announced its Sector Specialisation strategy, aimed at serving the unique needs of their wide client base. One of these is the Bank’s Manufacturing Sector, which works to understand the requirements and meet the requirements of customers across the country. Joan Kaagaza, the Sector Head of Manufacturing at dfcu Bank explains how the bank’s strategies are driving the growth of individuals and companies and contributing to Uganda’s economic transformation. Q1: In what ways does dfcu Bank…
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Finance Minister, Matia Kasaija yesterday unveiled the top four priority sectors in the 72 trillion Budget for the next Financial Year 2024/25 beginning July 1st. Presenting the National Budget at Kololo Ceremonial Grounds on June 13th, Kasaija gave a glowing perspective of Uganda’s economic outlook as, “positive and optimistic.” “The economy has remained resilient and has fully recovered from a myriad of internal and external shocks,” said the Minister Kasaija, adding that the economy is projected to grow between 6.4% & 7% next FY and double digit over the next 5 years. The Budget is the fifth, and therefore the…
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To do or not to do an oil refinery for Uganda, over and above the pipeline, has been a major question for the country, but more importantly for the Uganda…
A fatal accident in the oil and gas fields in the Kingfisher Project Area operated by CNOOC Uganda, a subsidiary of China’s CNOOC International has re-awakened the company’s chequered employee health, safety and welfare record. This is especially after the Petroleum Authority of Uganda, the sector’s regulator said that the fatal accident followed a lot of unheeded safety warnings. “The Petroleum Authority of Uganda has learnt of a fatal incident within the Kingfisher Project Area that occurred today, 6th October 2023. This regrettable incident follows several safety incidents that this Authority has previously brought to the attention of CNOOC Uganda…
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Congratulations upon being reappointed by His Excellency for a second term. From a Board perspective, how would you summarise the PAU’s journey in its first five years? I must say that I am privileged to be reappointed for a second term, after chairing the founding Board of this Authority four years ago. I and my team have been privileged to have the opportunity to lead, what I can say, is Uganda’s very first petroleum regulatory agency. As such, we are proud to be part of our country’s history and we do pledge to do everything within our ability to…
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By Taddewo Senyonyi Uganda has been able to achieve stable annual economic growth averaging 7% per annum since the year 2007, making Uganda one of the fastest growing economies in East Africa. Various reports released in 2013 indicate that Uganda has emerged a favourite destination for foreign investors in the East African region due to macro economic stability and the discovery and the ongoing exploration of oil. The 2012 Index of Economic Freedom ranked Uganda the 8th freest economy in Africa. Notably, foreign investors require a minimum of US$100,000 in planned investment in order to secure an investment license from the Uganda Investment Authority…
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