{"id":7601,"date":"2019-02-27T13:03:10","date_gmt":"2019-02-27T13:03:10","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=7601"},"modified":"2019-02-27T13:03:29","modified_gmt":"2019-02-27T13:03:29","slug":"ugandan-cabinet-gives-go-ahead-to-apply-for-eiti-membership-to-boost-investments","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/ugandan-cabinet-gives-go-ahead-to-apply-for-eiti-membership-to-boost-investments\/","title":{"rendered":"Ugandan cabinet gives go-ahead to apply for EITI membership to boost investments"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Country sees joining the EITI as an opportunity to create lasting value from its petroleum resources<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Ugandan cabinet has agreed to give the government the go-ahead to apply to join the Extractive Industries Transparency Initiative (EITI). The decision is part of the country\u2019s ongoing efforts to strengthen accountability in the management of its natural resources and attract investors to develop its oil, gas and mining reserves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We believe that initiatives such as the EITI that emphasise transparency have the potential to strengthen the efforts of the Government in ensuring overall transparency in the sector, strengthen tax collection, improve the investment climate, build trust and create a lasting value of petroleum resources,\u201d said Uganda\u2019s Minister of Finance, Planning and Economic Development Matia Kasaija in a press statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Uganda Government has awarded nine production licenses to\u00a0Total,\u00a0Tullowand China\u2019s CNOOC in recent years.\u00a0The country has proven crude oil reserves of 6.5 billion barrels, about 1.4 billion of which is recoverable.\u00a0The authorities expect oil production to start by 2020, which is a challenging timetable given the need for new infrastructure development. Land-locked Uganda has signed a deal with Tanzania to jointly develop an export pipeline to bring the oil to the Tanzanian seaport of Tanga. Energy minister Irene Muloni in 2017 put\u00a0the cost\u00a0of building the country\u2019s upstream facilities and pipeline at up to USD10 billion, and another USD4 billion for a refinery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The discovery of large oil reserves in the East African country over a decade ago has led to expectations that the Uganda economy can be transformed. While economic growth has picked up in recent years, over a fifth of the population still lives below the national poverty line, according to the World Bank. To keep public debt at a sustainable level and foster inclusive and stronger growth, Uganda will need to raise tax collection, prioritise spending and realise planned infrastructure and oil sector investments, according to the IMF. To do so, the government is notably focusing on revenue mobilisation and putting in place a framework for managing future oil revenues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uganda\u2019s &#8220;large quantities of extractive resources can translate into prosperity and economic development if the revenue is managed well,&#8221; Minister Kasaija said. \u201cThe revenue can be used to support infrastructure development and social services that have a potential to lead to sustainable economic growth and development. The resource revenues will increase the country\u2019s public finances if managed in a transparent and accountable manner.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To become an EITI implementing country, a country must complete\u00a0five sign-up steps. These steps relate to the commitment of the government, company and civil society engagement, the establishment of a multi-stakeholder group and agreement on an EITI work plan. When a country has completed the steps, the government, with the support of the multi-stakeholder group, submits an EITI candidature application to the EITI Board. The Board aims to process applications in eight weeks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe welcome the Ugandan cabinet\u2019s decision to become an EITI member, joining a rich and committed cohort of African countries implementing the EITI,\u201d Mark Robinson, the EITI\u2019s Executive Director, said. \u201cThe EITI International Secretariat stands ready to support the government with its application. Implementing the EITI will help Uganda lay the foundation for transparent and accountable management of their natural resource wealth.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The International Secretariat has invited a delegation from the Government of Uganda to observe the EITI Board meeting to be held in Kyiv on today and tomorrow 27-28 February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Country sees joining the EITI as an opportunity to create lasting value from its petroleum resources The Ugandan cabinet has agreed to give the government the go-ahead to apply to &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/ugandan-cabinet-gives-go-ahead-to-apply-for-eiti-membership-to-boost-investments\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":7602,"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":[1],"tags":[955,1574,1827],"class_list":["post-7601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-gas","tag-mining","tag-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/EITI-Extractive-Industries-Transparency-Initiative.jpg?fit=660%2C387&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1YB","jetpack-related-posts":[{"id":8893,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigerian-national-petroleum-corporation-commits-to-transparency-by-becoming-an-eiti-supporting-company\/","url_meta":{"origin":7601,"position":0},"title":"Nigerian National Petroleum Corporation Commits to Transparency by becoming an EITI supporting company","author":"","date":"August 18, 2020","format":false,"excerpt":"Nigeria\u2019s national oil company, the Nigerian National Petroleum Corporation (NNPC), has become an\u00a0EITI supporting company, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the\u00a0EITI\u2019s supporting company expectations. EITI Board Chair, Rt Hon. Helen Clark, welcomed 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\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1569,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seychelles-accepted-as-extractive-industries-transparency-initiative-candidate\/","url_meta":{"origin":7601,"position":1},"title":"Seychelles accepted as Extractive Industries Transparency Initiative Candidate","author":"Samuel Kamau Mbote","date":"August 6, 2014","format":false,"excerpt":"Seychelles has been accepted by the Extractive Industries Transparency Initiative (EITI) Board as a\u00a0Candidate country\u00a0to the EITI, the global transparency\u00a0standard. Seychelles joins 45 other countries that have signed up to the EITI Standard, which requires extensive disclosure and measures to improve\u00a0accountability\u00a0in how oil, gas and\u00a0minerals\u00a0are managed. A candidature country is\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14341,"url":"https:\/\/www.oilnewskenya.com\/index.php\/now-is-the-time-for-namibia-to-join-extractive-industries-transparency-initiative-eiti\/","url_meta":{"origin":7601,"position":2},"title":"Now is the Time for Namibia to Join Extractive Industries Transparency Initiative (EITI)","author":"","date":"June 5, 2024","format":false,"excerpt":"By NJ Ayuk, Executive Chairman, African Energy Chamber Namibia has four onshore and four offshore basins that are estimated to contain 11 billion barrels of oil (boe) and 2.2 trillion cubic feet (tcf) of natural gas.\u00a0Several recent oil discoveries have made the country an attractive target for oil companies.\u00a0 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\/2024\/06\/Namibia-PEL85.jpg?fit=495%2C290&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9137,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eiti-recommends-togo-seychelles-for-making-meaningful-progress\/","url_meta":{"origin":7601,"position":3},"title":"EITI Recommends  Togo &#038; Seychelles For Making Meaningful Progress","author":"","date":"September 15, 2020","format":false,"excerpt":"Togo The Board came to the following decision regarding the Validation of Togo: The EITI Board agrees that Togo has fully addressed five of the seven corrective actions from the country\u2019s first Validation. Consequently, Togo has made meaningful progress overall with implementing the EITI Standard, with considerable improvements across the\u2026","rel":"","context":"In \"data\"","block_context":{"text":"data","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/data\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/EITI-Extractive-Industries-Transparency-Initiative.jpg?fit=660%2C387&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/EITI-Extractive-Industries-Transparency-Initiative.jpg?fit=660%2C387&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/EITI-Extractive-Industries-Transparency-Initiative.jpg?fit=660%2C387&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8797,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-applies-for-eiti-membership\/","url_meta":{"origin":7601,"position":4},"title":"Uganda Applies for EITI Membership","author":"","date":"August 10, 2020","format":false,"excerpt":"Uganda is preparing to join, the global standard for the promotion of transparency and good governance in the management of oil, gas and mineral resources, the\u00a0extractive\u00a0industries transparency initiative (EITI) after it submitted its application last month. According to EITI Uganda's candidature application form, together with supporting documentation, were approved by\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\/2018\/01\/sedimentary-basins-of-Uganda.jpg?fit=504%2C555&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2403,"url":"https:\/\/www.oilnewskenya.com\/index.php\/burundi-commits-to-implement-the-eiti\/","url_meta":{"origin":7601,"position":5},"title":"Burundi commits to implement the EITI","author":"Samuel Kamau Mbote","date":"February 4, 2015","format":false,"excerpt":"The Government of the Republic of Burundi formally committed to implement the Extractive Industries Transparency Initiative, EITI Standard in a declaration\u00a0published by Come Manirakiza, Minister of Energy and Mine on 20 January 2015 in Bujumbura. According to Manirakiza, Burundi hopes that this will increase transparency in the management of natural\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/burundi.jpg?fit=225%2C225&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7601","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=7601"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7601\/revisions"}],"predecessor-version":[{"id":7603,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7601\/revisions\/7603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/7602"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=7601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=7601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=7601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}