Impacts Of Oil Activities On Land In Albertine Graben

Impacts Of Oil Activities On Land In Albertine Graben

By Mumbere Edwin Fanta Uganda discovered commercially viable oil deposits in the Albertine Graben region in 2006 and has since embarked on establishing effective management procedures to promote growth and development for the country. In light of these potentially transformative discoveries, Oil activities will certainly lead to social, cultural, economic and environmental changes for the communities and the country at large. However Uganda faces a several challenges and these include women displaced from their land with inadequate compensation, oil pollution, limited access to Lake Albert since its waters will be used in the production of the oil, contamination of community waterways among others. The access to land challenges, population growth and health consideration, food security, employment trends and the environment have not been left out in this thought. Oil exploration activities such as digging of seismic wells and drillings have already led to serious changes in land ownership, conflict and…
Reshaping Of Oil Markets Has Only Started

Reshaping Of Oil Markets Has Only Started

By Abdulnasser Alshaali Oil prices are more volatile than they have ever been in the past 10 years, with a lot of uncertainty rising on what direction those prices will take in the future. As a result, it’s becoming ever more difficult for countries and businesses to assess projects and decide their feasibility in the near term. It also makes it hard for countries, as well as individuals, to budget for hikes in oil prices, and to better utilise lower oil prices to remove subsidies or to support businesses. With shifting geopolitics, supply-demand mismatch, and new entrants, volatility and uncertainty in the oil market are here to stay. Looking back at trends over the past 50 years, there were very specific major shocks to the oil market, like the 1973 embargo, leading to a sharp increase and an eventual drop to a price at which supply balanced out demand. Similarly,…
Tullow Oil Strikes First Post-Tax Profit In Five Years

Tullow Oil Strikes First Post-Tax Profit In Five Years

Africa-focused exploration company Tullow Oil has today posted its first annual post-tax profit in five years. It said it would resume dividends with a 4.8% share payout as it sets its sights on East African projects and drilling in Guyana. As flagged in November, Tullow will pay out at least $100m to shareholders from this year while aiming to shrink its $3.1 billion debt pile and ramp up spending to $570m at the same time. The largest chunk of that money will help boost output in Ghana which in turn sets Tullow on course to raise output to 102,000 barrels of oil equivalent per day (boed) this year from 90,000 boed. Tullow made a post-tax profit of $85m on $1.9 billion in revenue last year buoyed by higher oil prices and cost discipline. A $208m payment after selling a stake in its Uganda onshore fields to Total was delayed last…
Akinwumi Adesina

We are in a race with time to unlock Africa's full potential – Akinwumi Adesina

2019 Sunhak Peace Prize Laureate Akinwumi Adesina has pledged to do more to advance Africa's fight against hunger, poverty and youth underemployment. The President of the African Development Bank, and co-Laureate Waris Dirie, a global champion against Female Genital Mutilation, shared the prestigious US $1million dollar prize at an award ceremony held on 9 February 2019 in Seoul, South Korea.According to Adesina, "We are in a race with time to unlock the full potential of Africa." Known globally for his dogged determination to reduce global poverty, Adesina declared "My life is only useful to the extent that it helps to lift millions of people out of poverty."Adesina immediately announced he was donating his $500,000 share of the prize to fighting hunger in Africa."There is tremendous suffering going on in the world. While progress is being made, we are not winning the war on global hunger. There cannot be peace in…
Total's Gas Discovery Good For South Africa Hydrocarbons

Total's Gas Discovery Good For South Africa Hydrocarbons

Gas discovery in the offshore Outeniqua Basin speaks to South Africa's hidden oil & gas potential; gives an opportunity for a meaningful dialogue on attractive legislation and local content development. The African Energy Chamber (AEC) welcomes the recent gas condensate discovery by Total in Block 11B/12B, 175km off the southern coast of South Africa. This is a great first step for the country which still relies on imports of oil and gas despite the great reserves believed to be in its soil and waters. The discovery, which will help open a new hydrocarbons province in South Africa, could prove the presence of billions of barrels of oil equivalent in South African waters, which will undoubtedly change the course of the country's economy and help reduce dependency on imports. "The oil industry hopes this will be a catalyst and encouragement for all policy makers to work on an enabling business environment…
African Oil Industry Endorses Cape Vii Congress In Malabo

African Oil Industry Endorses Cape Vii Congress In Malabo

Calls for a pragmatic common-sense approach towards local content. Improved business climate will attract more investment and create sustainable jobs for Africans. The African Energy Chamber is proud to endorse the APPO Cape VII Congress and Exhibition to be held in Malabo on April 2-5, 2019. Hosted by the African Petroleum Producers Organization under the Auspices of President Obiang Nguema Mbasogo, the summit will include a first-level meeting of oil ministers from the four corners of the continent, at a time when Africa is trying to boost its energy cooperation and promote infrastructural collaboration. Current APPO President, Nigerian Petroleum Minister Dr. Emmanuel Ibe Kachikwu, announced last month that the organization would mobilize up to $2bn to promote such collaboration across African oil markets. "The oil industry is proud to support African oil nations as we desperately need to speed up our collaboration efforts and develop joint projects to maximize efficiency…
Trouble Brewing Off South Africa's Coast

Trouble Brewing Off South Africa's Coast

In response to the announcement that French oil giant Total has just made a significant oil and gas discovery 175 km off the southern coast of South Africa, Greenpeace Africa's Senior Climate and Energy Campaign Manager, Melita Steele, has said: "Greenpeace Africa strongly condemns Total's reckless oil exploration off the coast of South Africa. Discovering yet more oil and gas is not something to celebrate when burning fossil fuels is driving potentially catastrophic climate change. This is essentially oil that we cannot afford to burn in the face of extreme weather conditions and recurrent droughts. "Deep sea drilling is far too risky. The possibility for an oil spill always exists, and the environmental impacts of deep sea drilling for oil and gas are too significant to be ignored, with very little benefit or job creation for South Africans. It is reckless of the South African government to allow oil and…
Hoima Regional Hospital Gets National Drug Authority Mosquito Nets

Hoima Regional Hospital Gets National Drug Authority Mosquito Nets

By George Busiinge National Drug Authority (NDA) has donated 100 pieces of free insecticide treated mosquito nets to Hoima Regional Referral Hospital for free distribution to expectant mothers at the facility. Handing over the mosquitoes to the hospital authorities this morning, Dr Raymond Agaba, the Board member National Drug Authority said the offer is aimed at contributing in the fight against malaria infection among pregnant women and children who were vulnerable at the facility. Dr Agaba explains that this was part of the social cooperate responsibility as the authority marks 25 years in service. The National Drug Authority (NDA) is a government-owned organization in Uganda, mandated to regulate drugs in the country, including their manufacture, importation, distribution, and licensing. The head of the paediatric department at Hoima hospital, Dr Tom Ediam welcomed the offer saying most beds in the maternity and labour wards lack mosquito nets which puts the lives…
AfDB's Adesina Confident Of "Very Promising Future" Africa

AfDB's Adesina Confident Of "Very Promising Future" Africa

"The future of our continent is looking very promising indeed," African Development Bank Group President Akinwumi Adesina declared in the opening words of his address to diplomats at a lunch organised today, Tuesday, in Abidjan.Adesina referred to the Bank's recent flagship publication, the African Economic Outlook 2019, which noted that the recovery in commodity prices is driving domestic demand and infrastructure investment, while real Africa's GDP continued to improve in 2018 to 4.1%. The Bank expects growth of 4% this year and 4.1% in 2020.Economic opportunities in Africa are generating considerable interest globally. For example, the agreement in March 2018 establishing the African Continental Free Trade Area (AfCFTA) will create the largest free trade area in the world. The CFTA will provide an unprecedented framework with the capacity to increase trade by at least 100% in Africa."The African Development Bank is at the centre of the actions taken to ensure…
Ophir Energy Denied Fortuna Block License Extension In Equatorial Guinea

Ophir Energy Denied Fortuna Block License Extension In Equatorial Guinea

Block R has been returned to the State; The Ministry of Mines and Hydrocarbons welcomes further investment in hydrocarbon sector opportunities, recognizes Ophir's commitment in Equatorial Guinea.Equatorial Guinea's Ministry of Mines and Hydrocarbons has confirmed that no further extension has been granted to Ophir's Block R production sharing contract.The Ministry issued a notice informing the London-based company of its decision in December, after Ophir's exploration license expired. As a result, Ophir is no longer operator of the block, which has now returned to the State."The Ministry recognizes and strongly appreciates the commitment of Ophir in its exploration activities in Equatorial Guinea and welcomes further investment in appropriate opportunities in the hydrocarbon sector," Said H.E Gabriel Mbaga Obiang Lima.The Ministry commends the Ophir's exploration efforts in the Block R license, which contains six commercial discoveries.Ophir's work program began in 2008 and three exploration wells resulted in the Fortuna and Lykos discoveries.…
Subscribe to this RSS feed

Kampala