Tag Archives: oil

London, United Kingdom | AFP |  Russia’s Rosneft oil giant has paved the way for investment in Libya’s oil sector by signing a Cooperation Framework Agreement with the National Oil Corporation of Libya, it was announced Tuesday. The agreement was signed Monday on the sidelines of London’s International Petroleum Week …

Lagos, Nigeria | AFP |  A court on Thursday ordered $153.3 million allegedly diverted by Nigeria’s former oil minister Diezani Alison-Madueke from the state-run oil firm to be handed over to the government. Judge Muslim Hassan, sitting at the federal high court in Lagos, made the forfeiture order in the …

Lagos, Nigeria | AFP | A former head of Nigeria’s state-run oil company is under investigation after almost $10 million in cash was found at a property he owns. The Economic and Financial Crimes Commission (EFCC), an anti-corruption agency, said it had seized $9.8 million (9.2 million euros) from a …

Total confident despite volatile oil prices Paris, France | AFP |  French oil major Total said Thursday it planned to increase its dividend to shareholders as it expressed confidence earnings could withstand the current volatility in oil prices. Total said in a statement that its headline net profit soared 22 …

OPINION: Why it was morally right to reward public officials for winning Shs1.6 trillion worth of government revenues By Andrew M. Mwenda “It is not easy to stand apart from mass hysteria, to argue against something that everyone, especially the most respected political leaders, academics, and experts are saying and …

Uganda today marks 31 years since the NRM/NRA took over power. The day’s celebrations have been held in Masindi, western Uganda. The theme for the national celebrations was ‘Uganda’s success story under NRM leadership, a shared victory’. President Yoweri Museveni emphasized five key areas government is now focusing on: Government will focus …

COMMENT: By Joseph Were She should have known that her role in the saga could damage URA; an institution whose brand is integrity One of the most glaring omissions in the ongoing debate around the so-called oil cash bonanza has been the absence of comment and action from the Ministry …

Parliament to investigate “sh6 billion golden presidential handshake” Parliament on Wednesday agreed to set up a select committee to look into what has been referred to as the “Golden Presidential handshake” that cost tax payers sh6 billion. The bonus was paid out to a team of 42 selected government officials …

Tanzania urges speed as study starts on 1450km export pipeline Excitement on Jan.9 filled the boardroom on the fourth floor of Amber House, the headquarters of the Ministry of Energy and Mineral Development in Kampala, as high ranking officials of the governments of Uganda, Tanzania alongside three oil firms jointly …

Oil pundits sees Tullow Oil plc.’s new share sale a strategy to exit the country’s oil sector London-Based Tullow Oil plc’s announcement that it is once again scaling down its stake in Uganda’s oil development, shedding off nearly two thirds of its shareholdings to the rival firm, Total E&P for …