Gulf Oil and Gas accountACCOUNT

Uganda Minister Aims to Present Oil Bills in 2011

Source: Reuters 10/15/2011, Location: Africa

Uganda's energy minister said she expects to send three petroleum bills to parliament by the end of the year as the government moves quickly to put laws in place to regulate the country's nascent oil sector before the start of production. Earlier in the week, President Yoweri Museveni said he would discuss a parliamentary vote to delay UK exploration company Tullow Oil's planned sale of stakes in local oil fields, pledging to defend the country's interests in the case. Earlier this week, Uganda's parliament passed a resolution urging the government to withhold consent for Tullow's proposed deal with France's Total and China's CNOOC until laws were in place to regulate the industry.

"We're working very hard, and we expect that by the end of this year we'll have brought the three bills -- Resource Management Bill, Revenue Management Bill and Value Addition Management Bill -- to parliament," Energy Minister Irene Muloni told a news conference. "The problem is that I can't control the process thereafter. So how fast the bills will be debated and passed into law will depend on parliament, but at least on my side we're moving very quickly."

Last year, Tullow agreed to sell stakes in its Ugandan assets to Chinese group CNOOC and French oil company Total for $2.9 billion. In March, Tullow said Uganda had assessed taxes of $472 million on its earnings from the sale, and it was disputing that figure. It has since begun an arbitration process before a tax appeals tribunal in Kampala. The company, meanwhile, has been awaiting final government approval for the partnership, which would allow it to move ahead with a project to develop oil reserves. Endorsement of the deal is expected to kick start a $10 billion investment to develop the country's oil fields and start production.

Muloni said government officials expected to extract more favourable terms from companies in future oil deals because the discovery of oil has diminished the exploration risk for oil firms. "Before the discovery we didn't know what we had. We didn't know whether we had oil or not, and for an oil company to bring in a big investment they needed stabilisation clause," she said. "Now we're operating with certainty, we have the oil. So when we're negotiating new deals, we'll put up tough positions on the table." Hydrocarbon deposits were discovered along Uganda's border with the Democratic Republic of Congo in 2006.

Exploration News in Uganda >>

United Kingdom >>  4/9/2019 - AIM-listed Egdon Resources has announced the results of a Competent Person's Report ('CPR') prepared by Schlumberger Oilfield UK in relation to the Re...
Australia >>  4/8/2019 - Carnarvon Petroleum and its Joint Venture partner and Operator, Santos, have moved quickly to appraise the Dorado discovery made in the third quarter ...

Oman >>  4/8/2019 - Total and the Ministry of Oil and Gas of the Sultanate of Oman (MOG) have signed a Heads of Agreement (HoA) for the award to Total of an exploration l...
Egypt >>  4/7/2019 - Minister of Petroleum and Mineral Resources Tarek el Mullah conferred with his Saudi counterpart Khaled el Faleh on means of boosting joint cooperatio...

Lebanon >>  4/5/2019 - The Lebanese government has approved the opening of the country’s much-anticipated 2nd offshore licensing round. Interested companies will be expected...
Colombia >>  4/4/2019 - The Arrecife 1ST well proved the presence of gas in the Municipality of Pueblo Nuevo, Cordoba. The Arrecife well is part of the Exploration and Produc...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Uganda Oil & Gas 1 >>  2 | 3 |

More News

Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.