Moscow, Russia | Xinhua | Ruble payments will be used more in Russia’s foreign trade, Kremlin Spokesman Dmitry Peskov said Sunday. “It is still a prototype system (of payments), but I’m confident that it will spread to new groups of goods as well, and it will play a larger role in …
Read More »EU to work on reducing energy dependence on Russia: EC president
Brussels, Belgium | Xinhua | The European Union (EU) is looking at ways to reduce its dependency on Russian gas, oil and coal, President of the European Commission Ursula von der Leyen said on Monday. To this end, the EU will accelerate its Green Deal, a roadmap for making the EU’s …
Read More »USA uneasy as gas prices hit new high
Washington, USA | Xinhua | The U.S. national average for a gallon of regular gasoline hit 4.009 U.S. dollars on Sunday, the highest since July 2008, according to the American Automobile Association (AAA). The gas prices jumped 41 cents over the past week, following a surge in the oil prices …
Read More »PAU, Stanbic Incubator to build capacity of SMEs in oil sector
Mentorship, access to finance and markets are on offer | THE INDEPENDENT | There are more opportunities that are being availed to small and medium enterprises as Uganda expects to have first oil in 2025. The Petroleum Authority of Uganda on Feb. 22 entered a partnership agreement with Stanbic Business …
Read More »Gas is fast becoming the new oil
With oil and gas production declines presenting newfound challenges for Africa, stakeholders are pushing for enhanced exploration to help mitigate this trend. Despite global calls to transition to renewable energy sources, Africa still needs its oil and gas reserves if it is to meet its development goals and make energy …
Read More »Why we need African energy banks now
No more begging for foreign financing that only would be awarded if we abandon fossil fuels COMMENT | NJ AYUK | For more than a year, the African Energy Chamber has been pushing back against steadily building pressure to halt new foreign investments in Africa’s oil and gas industry. To …
Read More »How SMEs can tap into oil and gas as first oil nears
Local firms need to enhance their capital base and strengthen corporate governance to benefit from the nascent sector Kampala, Uganda | JULIUS BUSINGE | Small and medium-sized enterprises need to enhance their capital base, embrace partnerships and adhere to high corporate governance standards to reap from the upcoming oil and …
Read More »CNOOC grants FID for Uganda’s oil development
Kampala, Uganda | THE INDEPENDENT | China National Offshore Oil Corporation (CNOOC) has finally closed the long-awaited Final Investment Decision (FID) for the development of Uganda’s oil and gas projects in the Albertine. Energy and Mineral Development Minister, Ruth Nankabirwa stated that the Chinese confirmed that they have authorized an FID …
Read More »The environment and Uganda’s oil activities
It is a delicate balancing act of development of the oil and gas projects and impact on other sectors of the economy COMMENT | YUSUF MASABA | In the recent past, a host of countries; especially those from the West, have announced major commitments to significantly cut the carbon …
Read More »Trouble over Mozambique’s gas
The discovery offered major promise for a very poor county but has instead led to escalation of armed conflict | THEO NEETHLING | Recent events in Palma, a town in the volatile Cabo Delgado province in the north of Mozambique, have taken bloodshed in the region to new levels. Dozens …
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