Connect with us

Hi, what are you looking for?


Uganda to choose oil firm

KAMPALA, Mar 11 – Uganda will next month decide which international oil firm will carry out production and development of its nascent petroleum industry, an energy ministry official said Wednesday.

Uganda is currently weighing rival bids from France\’s Total and the Chinese state-controlled giant CNOOC to take over assets in the oil-rich Lake Albert region.

"Our expectation is that by April we will have finished our evaluation and that the government will give the go ahead for the transactions to proceed," the energy ministry\’s permanent secretary, Kabagambe Kaliisa, told reporters.

Uganda\’s estimated two billion barrels of crude are currently controlled by two small exploration firms: Britain\’s Tullow and Canada\’s Heritage.

Tullow is to buy Heritage\’s stakes and will immediately resell a significant share to an oil major with significant experience in production and delvelopment, operations manager Brian Glover told AFP recently.

Kaliisa said that Tullow\’s prospective partner must have a considerable capital available to invest in Uganda.

"We have told everybody in the world that we are looking for strong investment in this sector. We are looking for companies that have strong market capitalisation," he said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...