Tullow Oil’s deal to farm down its interest on a section of Uganda’s Albertine oil exploration area, that has been pending for the last two and half years, collapsed on August 29. But in veiled and carefully crafted statements, both the Government of Uganda and Tullow, the two principals in the transaction, are pointing fingers different directions for causes of the flop.
By Benjamin Mukose
In a bid to improve efficiency, transparency and investment in the minerals sector in Uganda, the Ministry of Energy & Mineral Development is in the final stages of developing an online mineral licensing system. The Infrastructure Magazine understands that the system developed by Trimble, an American company with a global footprint, will be launched in August.
By Daniel Otto
Experts say logistics in the oil and gas industry is one of the most complex exercises yet, compared to other business, and for a country like Uganda that is just entering the oil industry, the challenges are expected to be even tougher.
By Jacob Okwii.
In what can be seen as a major turn towards oil production, the government of Uganda has signed an agreement with a consortium that will fund and develop the country’s oil refinery. This is one of the two major upstream oil activities the country has been pursuing in its long drawn oil exploration history. The other is the construction of the pipeline to take crude to the coast for export.
By Jacob Okwii.
The price of Brent crude this week went up to US$68 a barrel. Analysts believe the price is likely to continue on the bullish side owing to robust global demand growth, low US production and OPEC-Russia production cuts to the global supply.
Last week, Reuters quoted Goldman Sachs as saying, “This rally (of crude) has been driven first by robust fundamentals, with strong demand growth and high OPEC compliance accelerating. We see increasing upside risks to our $62 per barrel Brent and $57.5 per barrel WTI forecast for the coming months.”