Eyewitness  News
  • Home
Sunday, August 14, 2022
  • Login
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
Eyewitness  News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
Home Latest News

GOVT SIGNS PRODUCTION AGREEMENT & AWARDS PETROLEUM EXPLORATION LICENSE TO AUSTRALIAN COMPANY

Admin by Admin
September 14, 2017
in Latest News
Reading Time: 2 mins read
0
1.4k
VIEWS
Share on FacebookShare on Twitter

The govt of Uganda has today signed a production sharing agreement and issued license for petroleum exploration, development and production over the Kanywataba contract area with Amour energy limited from Australia.

Speaking during the signing ceremony at the energy ministry, the energy minister Eng. Irene Muloni said, this is the first production sharing agreement to be signed in line with section 58 of the petroleum exploration, development and production Act 2013, the legal regime under which she announced the first competitive licensing round during February 2015.

The signed pact between the govt of Uganda and Amour energy limited consists of key provisions that provides the company license with an acreage of 344 sq kilometers for four years, drilling at least one well, payment of royalty raging from 8.5% to 21% based on gross total daily production in barrels of oil per day, state participation at 20%, cost recovery limit for petroleum is set at 65%, production sharing, advisory committee chaired by the petroleum authority of Uganda and consists of representatives from the Ugandan government, a signatory bonus together with research and training fees and annual acreage rental fees for the fist exploration period amounting to USD.316,000 have been paid to the Uganda petroleum fund, a performance guarantee amounting to 50% of the minimum exploration expenditure for the first exploration period, taxes will be paid in accordance with the laws of Uganda and providing employment to Ugandans and training.

Still the permanent secretary ministry of energy and mineral development, Robert Kasande notes that one of the major achievements from this licensing round is the development of a state of the art data room which remains open to the industry to view and purchase data adding that it will also be used for future licensing rounds.

Meanwhile, the CEO, Amour energy limited, Roger Cressey expresses committement to follow all the production and exploration guidelines as they go on with business and confirms setting aside over USD.1.98Bn to facilitate the running of business in Uganda where he says there are more oil opportunities to explore in the near future.

Uganda currently boosts of 6.5 million barrels of oil in her wells and in this particular round, the ministry was able to generate USD.2.4 million from the sale of data to bidders which was paid to the Uganda petroleum Fund as confirmed by the permanent secretary to the ministry.

The coming of Armour energy limited makes the number of oil exploration companies in the country move to four companies with Tullow, Total, CNOOC already in business.

END

Previous Post

Sports

Next Post

NRM MPs Vow To Push On With Article 102

Related Posts

Parliament Rejects Govt Report for Lack of Quick Interventions.
Business

Parliament Rejects Govt Report for Lack of Quick Interventions.

April 12, 2022
0

Parliament Rejects Govt Report for Lack of Quick Interventions. Parliament has rejected the statement by the ministry of trade explaining...

Read more
Opposition Call off Parliament Boycott

Opposition Call off Parliament Boycott

February 22, 2022
Aringa MP- Calls for More Funds For Yumbe Regional Hospital

Aringa MP- Calls for More Funds For Yumbe Regional Hospital

December 7, 2021
Oulanyah Rallies Agago to Take up Vaccination

Oulanyah Rallies Agago to Take up Vaccination

December 4, 2021
Health Consumers Push For Patients’ Rights Law 

Health Consumers Push For Patients’ Rights Law 

October 26, 2021
JMS Donates PPEs TO 10 Constituences & Fiath Based Facilities 

JMS Donates PPEs TO 10 Constituences & Fiath Based Facilities 

October 26, 2021
Next Post
NRM  MPs Vow To Push  On With Article 102

NRM MPs Vow To Push On With Article 102

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
MPs – Reaction to The State of Nation Address

West Nile MPs, Govt Chief Whip Clash Over Electricity in the Region

September 11, 2021
Phaneroo Boss, Sudhir Grilled Over Nakawa Land

Phaneroo Boss, Sudhir Grilled Over Nakawa Land

April 22, 2022
Adjumani East MP  Mamawi-Speaks Out on Charcoal Theft -Claims

Adjumani East MP Mamawi-Speaks Out on Charcoal Theft -Claims

March 16, 2022
Spice Diana Roasted Alive By Fans on Social Media For  Being A Covid -19  Potential Carrier

Spice Diana Roasted Alive By Fans on Social Media For Being A Covid -19 Potential Carrier

March 24, 2020
Budget Advocates Concerned With New Wave Of Corruption In Govt.

Budget Advocates Concerned With New Wave Of Corruption In Govt.

1
Musoke Ibrahim a father to Rahim who is now eight years

Being A Good Father Does Not Mean Money But Love & Care

1
URBRA Cautions On NSSF Mid-Term Access 

URBRA Cautions On NSSF Mid-Term Access 

1

Hello world!

0
Government Urged To Find Lasting Solution to Power Outages in West Nile

Government Urged To Find Lasting Solution to Power Outages in West Nile

August 13, 2022
Speaker tasks Justice Minister to handle Constitution Amendment Bill

Speaker tasks Justice Minister to handle Constitution Amendment Bill

August 10, 2022
Speaker Donates Solar Equipment to Arua Hospital

Speaker Donates Solar Equipment to Arua Hospital

August 9, 2022
Speaker Among Tips Youth to Seek For Opportunities

Speaker Among Tips Youth to Seek For Opportunities

August 7, 2022

Recent News

Government Urged To Find Lasting Solution to Power Outages in West Nile

Government Urged To Find Lasting Solution to Power Outages in West Nile

August 13, 2022
Speaker tasks Justice Minister to handle Constitution Amendment Bill

Speaker tasks Justice Minister to handle Constitution Amendment Bill

August 10, 2022
Speaker Donates Solar Equipment to Arua Hospital

Speaker Donates Solar Equipment to Arua Hospital

August 9, 2022
Speaker Among Tips Youth to Seek For Opportunities

Speaker Among Tips Youth to Seek For Opportunities

August 7, 2022

Eyewitnessug.com is Licensed by Uganda Communications Commission (UCC) Under Dominion Media Limited.

Dominion Media Limited is registered by Uganda Revenue Authority.

For Advertisement Reach out to Marketing Department via.
Email: [email protected]

Contact us through our Postal Address.
P.O.BOX 21157 Kampala-Uganda.

Browse by Category

  • Agiriculture
  • Agriculture
  • Business
  • Development
  • Diplomacy
  • ECONOMY
  • Editor's Pick
  • Education
  • Entertainment & Arts
  • Enviroment
  • Faith
  • Feature News
  • Governance
  • Health
  • International
  • Latest News
  • obituary
  • Opinion
  • Politics
  • Politics
  • Security
  • Social
  • Sports
  • Technology
  • Tourism

Recent News

Government Urged To Find Lasting Solution to Power Outages in West Nile

Government Urged To Find Lasting Solution to Power Outages in West Nile

August 13, 2022
Speaker tasks Justice Minister to handle Constitution Amendment Bill

Speaker tasks Justice Minister to handle Constitution Amendment Bill

August 10, 2022
  • Home

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
error: Content is protected !!