Uganda’s long awaited oil and gas final investment decision (“FID”) is expected shortly during this month. The Government of Uganda acting through the National Oil Company (“UNOC”) together with French oil major Total E&P (“Total”) and the China National Offshore Oil Corporation (“CNOOC”) will commit to move ahead with investment in the requisite infrastructure for crude oil production. FID signifies that the investors have determined that it is commercially viable to move ahead the intended project and that they also have sufficient financial resources for investment. There will be two simultaneous decisions launching both the oil production fields and East…
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A pleasant welcome awaits the freshly elected and re-elected members of parliament in an envelope containing nearly $100,000 which they don’t even need to account for. The minister of finance Matia Kasaija is hunting for UGX165bn to avail Parliament for giving each MP a motor vehicle allowance in the 11th Parliament. Divided by the 514 MPs, each will be pocketing UGX321million since there are no implementation costs for the ‘programme’.The item of Cars for new MPs is captured in the budget framework paper for the 2021/2022 financial year as one of the critical but unfunded priorities. The other unfunded priority in the next…
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The oil and gas sector in Uganda has been lauded as a good example for countries to follow, due to Uganda’s efforts in promoting a favourable business environment for investment. The remarks were made on Thursday, 15th October, 2020, by Ms. Ingrid Sølvberg, the Director General of the Norwegian Petroleum Directorate at the E-Conference on regulatory excellence organised by the Petroleum Authority of Uganda (PAU). Speaking from Stavanger, Norway via Zoom, Ms. Sølvberg also commended the regulatory framework of Uganda’s petroleum sector. “Five key things are critical to regulatory excellence in the oil and gas industry: institutional competence and balance;…
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Proscovia Nabbanja, the Chief Operating Officer at the Uganda National Oil Company (UNOC) has been appointed by the board as the interim caretaker CEO. Wholly owned by the Government of…
