{"id":11394,"date":"2021-12-15T13:40:20","date_gmt":"2021-12-15T13:40:20","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11394"},"modified":"2021-12-15T13:40:20","modified_gmt":"2021-12-15T13:40:20","slug":"uganda-parliament-passes-the-public-finance-management-amendment-bill-2021","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-parliament-passes-the-public-finance-management-amendment-bill-2021\/","title":{"rendered":"UGANDA: Parliament Passes the Public Finance Management (Amendment) Bill, 2021"},"content":{"rendered":"<p>The Uganda National Oil Company (UNOC) will now retain a portion of the proceeds from the sale of petroleum products following the passing of the Public Finance Management (Amendment) Bill, 2021.<\/p>\n<p>During the Tuesday, 14 December 2021 plenary sitting, chaired by Deputy Speaker Anita Among, legislators amended the Public Finance Management Act, 2015.<\/p>\n<p>The amendment guarantees UNOC access to the proceeds from the sale of its interest in the crude oil in order to meet all its financial obligations arising from applicable Production Sharing Agreements and Joint Operating Agreements in each calendar year.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">JUST IN: <a href=\"https:\/\/twitter.com\/Parliament_Ug?ref_src=twsrc%5Etfw\">@Parliament_Ug<\/a> has passed the Public Finance Management (Amendment) Bill, 2021.<\/p>\n<p>It is one of three bills meant to facilitate oil and gas activities. <a href=\"https:\/\/twitter.com\/hashtag\/UgandaOil?src=hash&amp;ref_src=twsrc%5Etfw\">#UgandaOil<\/a> <a href=\"https:\/\/twitter.com\/YSsempogo?ref_src=twsrc%5Etfw\">@YSsempogo<\/a> <a href=\"https:\/\/twitter.com\/MuliisaPeter?ref_src=twsrc%5Etfw\">@MuliisaPeter<\/a> <a href=\"https:\/\/twitter.com\/NankabirwaRS?ref_src=twsrc%5Etfw\">@NankabirwaRS<\/a> <a href=\"https:\/\/twitter.com\/BanageSarah?ref_src=twsrc%5Etfw\">@BanageSarah<\/a><\/p>\n<p>\u2014 UNOC (@UNOC_UG) <a href=\"https:\/\/twitter.com\/UNOC_UG\/status\/1470748006731460609?ref_src=twsrc%5Etfw\">December 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>UNOC is a limited liability petroleum company that manages the government\u2019s commercial interests in the petroleum sector and ensures that the resource is exploited in a sustainable manner.<\/p>\n<p>The Chairperson of the Committee on Finance, Planning and Economic Development, Hon Keefa Kiwanuka, said that whereas the committee recommends that UNOC retains a portion of the proceeds, such proceeds should only be used after approval by Parliament.<\/p>\n<p>\u201cThe committee agrees that UNOC can retain some money at source. This is intended to mitigate the risk of money being remitted to the Petroleum Fund and then is used for other competing demands. Retaining revenue at source is the considered opinion of the committee that this will assure partners in the joint venture that, in any case, money is available,\u201d Kiwanuka said while presenting the Committee report.<\/p>\n<p>In the Minority Report, Hon Muhammad Muwanga Kivumbi, the shadow Minister of Finance, Planning and Economic Development, expressed fears that granting UNOC powers to collect funds from petroleum may undermine the powers of Uganda Revenue Authority (URA) that is mandated to collect all revenues on behalf of government. Muwanga Kivumbi was also worried that the new law allows UNOC to have direct access to petroleum revenue without appropriation by Parliament and before it is deposited into the Petroleum Fund.<\/p>\n<p>\u201cGiven the huge proceeds that will accrue from petroleum, a state enterprise would be created with no appropriation control from Parliament. This raises a risk of establishing a patronage enrichment enterprise that is exposed to massive corruption,\u201d Muwanga Kivumbi said.<\/p>\n<p>However, the Attorney General, Hon Kiryowa Kiwanuka, allayed the Member\u2019s fears saying, allowing UNOC to retain money and spend at source of the petroleum revenue will not take away the powers of Parliament to appropriate.<\/p>\n<p>The Public Finance Management (Amendment) Bill, 2021 is one of three bills that Parliament has passed purposed to facilitate oil and gas activities. The others are; the Income Tax (Amendment) (NO.2) Bill, 2021 and the East African Crude Oil Pipeline [EACOP] [SPECIAL PROVISIONS] Bill, 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Uganda National Oil Company (UNOC) will now retain a portion of the proceeds from the sale of petroleum products following the passing of the Public Finance Management (Amendment) Bill, &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/uganda-parliament-passes-the-public-finance-management-amendment-bill-2021\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":11395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[6178,9898,9900,5915,2090,9899,2603,5104,2611,6728],"class_list":["post-11394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-eacop","tag-east-african-crude-oil-pipeline-eacop-special-provisions-bill","tag-income-tax-amendment-no-2-bill","tag-joa","tag-psa","tag-public-finance-management-amendment-bill","tag-uganda","tag-uganda-national-oil-company","tag-uganda-revenue-authority","tag-unoc","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2XM","jetpack-related-posts":[{"id":11340,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-eacop-bill-to-pave-way-for-final-investment-decision\/","url_meta":{"origin":11394,"position":0},"title":"UGANDA: EACOP Bill to Pave Way for Final Investment Decision","author":"","date":"December 8, 2021","format":false,"excerpt":"Source: PAU Website The Passing of East Africa Crude Oil Pipeline (EACOP) (Special Provisions) Bill 2021, the enabling legislation to operationalise the agreements is a requirement for the International Oil Companies (IOCs) to announce the Final Investment Decision (FID) for Uganda\u2019s oil projects. The revelation was made by Mr. Ali\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Environment-and-Natural-Resources-Committee-Chair-Dr-Emmanuel-Otaala-on-the-Floor.jpg?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Environment-and-Natural-Resources-Committee-Chair-Dr-Emmanuel-Otaala-on-the-Floor.jpg?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Environment-and-Natural-Resources-Committee-Chair-Dr-Emmanuel-Otaala-on-the-Floor.jpg?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Environment-and-Natural-Resources-Committee-Chair-Dr-Emmanuel-Otaala-on-the-Floor.jpg?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Environment-and-Natural-Resources-Committee-Chair-Dr-Emmanuel-Otaala-on-the-Floor.jpg?fit=1200%2C801&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10199,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tanzania-total-sign-final-agreements-for-the-lake-albert-resources-development-project\/","url_meta":{"origin":11394,"position":1},"title":"Uganda, Tanzania, Total Sign Final Agreements for the Lake Albert Resources Development Project","author":"","date":"April 12, 2021","format":false,"excerpt":"During a signing ceremony held yesterday\u00a0in Entebbe, in the presence of Yoweri Museveni, President of the Republic of Uganda, Samia Suluhu Hassan, President of the United Republic of Tanzania, Patrick Pouyann\u00e9, Chairman and CEO of Total, as well as representatives of China National Offshore Oil Corporation (CNOOC), Uganda National Oil\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/EACOP-signing-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/EACOP-signing-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/EACOP-signing-scaled.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/EACOP-signing-scaled.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/EACOP-signing-scaled.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14882,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tanzania-eacop-announces-the-closing-of-the-first-financing-tranche-for-the-east-african-crude-oil-pipeline-project\/","url_meta":{"origin":11394,"position":2},"title":"UGANDA\/ TANZANIA: EACOP Announces the Closing of the First Financing Tranche for the East African Crude Oil Pipeline Project","author":"","date":"April 1, 2025","format":false,"excerpt":"EACOP Ltd., the company in charge of the construction and future operation of the East African Crude Oil Pipeline project from Kabaale in Uganda to Tanga in Tanzania, is pleased to announce that it has closed thefirst tranche of external financing for the project, provided by a syndicate of financial\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/EACOP.jpg?fit=1200%2C849&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/EACOP.jpg?fit=1200%2C849&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/EACOP.jpg?fit=1200%2C849&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/EACOP.jpg?fit=1200%2C849&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/EACOP.jpg?fit=1200%2C849&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10197,"url":"https:\/\/www.oilnewskenya.com\/index.php\/east-africa-total-to-reach-albertine-basin-fid-next-week\/","url_meta":{"origin":11394,"position":3},"title":"East Africa: Total to Reach Albertine Basin FID Next Week","author":"","date":"April 9, 2021","format":false,"excerpt":"French major Total is said to be\u00a0 ready to announce the albertine basin final investment decision this Sunday according to a source not named by Bloomberg. Citing an unnamed source in the Uganda National Oil Company (UNOC) Bloomberg said the $5.1 billion could get the go ahead including the building\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/EACOP-Pipeline-construction-2.jpg?fit=800%2C533&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/EACOP-Pipeline-construction-2.jpg?fit=800%2C533&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/EACOP-Pipeline-construction-2.jpg?fit=800%2C533&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/EACOP-Pipeline-construction-2.jpg?fit=800%2C533&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11726,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-jv-to-announce-eacop-kingfisher-tilenga-projects-final-investment-decision\/","url_meta":{"origin":11394,"position":4},"title":"Uganda JV to announce EACOP, Kingfisher &#038; Tilenga Projects Final Investment Decision","author":"","date":"January 31, 2022","format":false,"excerpt":"The joint venture partners in Uganda's Tilenga and East Africa Crude Oil Projects Total Energies, CNOOC and state-owned UNOC are expected to announce reaching the final investment decision tomorrow two months after CNOOC reached FID on the Kingfisher project. The announcement is expected tomorrow at 10am in Kampala paving way\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Tilenga-Project.jpg?fit=1007%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Tilenga-Project.jpg?fit=1007%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Tilenga-Project.jpg?fit=1007%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Tilenga-Project.jpg?fit=1007%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11972,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-seven-recommendations-after-the-final-investment-decision\/","url_meta":{"origin":11394,"position":5},"title":"UGANDA: Seven Recommendations After the Final Investment Decision","author":"","date":"March 7, 2022","format":false,"excerpt":"Source: Natural Resource Governance Institute On Tuesday 1 February 2022, the project\u2019s joint venture partners, TotalEnergies, China National Offshore Oil Corporation (CNOOC) and Uganda National Oil Company (UNOC), announced that a\u00a0final investment decision\u00a0(FID) for Uganda\u2019s Lake Albert development project was reached, a major step in the country\u2019s oil sector. The\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=11394"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11394\/revisions"}],"predecessor-version":[{"id":11396,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11394\/revisions\/11396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/11395"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=11394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=11394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=11394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}