Swala Energy IPO in Tanzania oversubscribed

Swala Energy IPO in Tanzania oversubscribed

Swala Energy Limited has provided an update of the Initial Public Offer (IPO) of is Tanzanian subsidiary Swala Oil & Gas (Tanzania) Plc that is in the process of listing on the Dar es Salaam Stock Exchange in Tanzania. The IPO which closed on the 4th of July 2014 d has been oversubscribed, with 1,869 … Continue reading

London’s Court of Appeal rules in favor of Tullow Oil in Uganda’s capital gains tax case

London’s Court of Appeal rules in favor of Tullow Oil in Uganda’s capital gains tax case

Tullow Oil plc has announced that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc in the Court of Appeal in London (Case No: 2013/2175). In June 2013, Tullow succeeded in the High Court in London with its indemnity … Continue reading

Infrastructure, regulatory uncertainty and corruption remain hurdles in Africa’s oil & gas sector – PwC Review

Infrastructure, regulatory uncertainty and corruption remain hurdles in Africa’s oil & gas sector – PwC Review

The challenges facing oil & gas companies operating in Africa continue to be diverse and numerous fuelled by fraud, corruption, theft, poor infrastructure and a lack of skilled resources, among others. Regulatory uncertainty and delays in passing laws are severely inhibiting sector development in many countries around the continent. “Some key players have delayed or … Continue reading

How Can Ugandans Benefit from an Oil Windfall? Policy Options to Manage Petroleum Revenues

How Can Ugandans Benefit from an Oil Windfall? Policy Options to Manage Petroleum Revenues

Courtesy of resourcegovernance.org Uganda is on the path to becoming a significant oil producer in the next decade, with production potentially reaching over 200,000 barrels per day. Under the right economic and fiscal conditions, such a level of production would generate substantial public revenue that could catalyze economic growth through public investments in infrastructure, education and other … Continue reading

Kenya awaits World Bank board approval of Kshs.4 billion for multi-agency training

Kenya awaits World Bank board approval of Kshs.4 billion for multi-agency training

Kenya is awaiting the approval of $50 million dispatchment as part of the Kenya Petroleum Technical Assistance Project (KEPTAP) that targets to train government agencies including the energy ministry, treasury, National oil Corporation, Kenya Pipeline, Energy Regulatory Commission, State law office among others. The decision that is expected to be known by August will see … Continue reading

Eni signs cooperation agreement with Republic of Congo

Eni signs cooperation agreement with Republic of Congo

The Congolese Minister of hydrocarbons, André Raphael Loemba, and Eni CEO, Claudio Descalzi, in the presence of President of Congo Dennis Sassou Nguesso and the Italian Prime Minister, Matteo Renzi, today signed in Brazzaville a cooperation agreement which states Eni’s intention to pursue new initiatives in the Congolese coastal basin, which extends from onshore Mayombe … Continue reading

Swala Energy to sink exploratory well in Nyanza Kenya in 2015

Swala Energy to sink exploratory well in Nyanza Kenya in 2015

Swala Energy has announced it will be drilling its first exploratory well in Kenya’s block 12B in 2015. The company says the decision follows positive data from the 2D seismic acquired in the block that was completed in the month of June covering 350 kilometers. Under the terms of the production sharing contract the joint … Continue reading

Somaliland oil explorations delayed as companies await Oil Protection Unit

Somaliland oil explorations delayed as companies await Oil Protection Unit

Sterling energy which has operations in the Odewayne block has said it has halted its operations in the horn of African country until the country establishes an oil protection unit. Sterling whose interest in Somaliland are carried by Genel Energy says among activities delayed include seismic and drilling which currently cannot be operated safely. “Operations … Continue reading

Somali government Mubadala Petroleum sign partnership agreement

Somali government Mubadala Petroleum sign partnership agreement

Mubadala Petroleum a subsidiary of Abu Dhabi’s Mubadala Development Company has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia. The agreement is the result of a high level engagement took place between the U.A.E. and the Federal Government of the Republic of Somalia and its … Continue reading

Tullow Oil to challenge the Tax Appeals Tribunal ruling in Uganda

Tullow Oil to challenge the Tax Appeals Tribunal ruling in Uganda

Tullow Oil plc has announced that its subsidiaries operating in Uganda have received a ruling from the Tax Appeals Tribunal (TAT) in Uganda relating to Capital Gains Tax (CGT). The ruling means that Tullow will be tasked with be paying the reminder of $265m to the Uganda revenue authority (URA) after the tribunal calculated Tullow’s … Continue reading