{"id":7632,"date":"2019-04-02T13:58:36","date_gmt":"2019-04-02T13:58:36","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=7632"},"modified":"2019-04-02T13:58:56","modified_gmt":"2019-04-02T13:58:56","slug":"uganda-withdrew-54-million-from-petroleum-fund","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-withdrew-54-million-from-petroleum-fund\/","title":{"rendered":"Uganda Withdrew $54 Million from Petroleum Fund"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Government of Uganda withdrew $54 million or 200 Billion shillings from the Petroleum Fund ahead of production according to the Semi Annual Report for the Petroleum Fund for the Financial year 2018\/2019 for the period ended 31<sup>st<\/sup> December 2018 presented before parliament on 21<sup>st<\/sup> March 2019 by Minister of Finance, Planning and Economic Development Matia Kasaija.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Following the withdrawal from the\nfund, which started in 2015, formerly valued at 470.4 billion shillings there\nremains 288.7 billion shillings which are collections from petroleum revenues\ncollected by the Uganda Revenue Authority (URA). This is the second time the\ngovernment has withdrawn having earlier taken 125.3 billion shillings to bridge\nits budget deficit. During the period ending 31<sup>st<\/sup> December 2018 URA\ncollected taxes worth 30.3 billion shillings. During the same period the\nPetroleum Authority of Uganda collected training and surface fees totaling 2.5\nbillion shillings which were also remitted to the fund. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further the report says that upon\napproval by the ministry of the draft Petroleum Revenue Investment Policy it\nwill allow investments under the Petroleum Revenue Investment Reserve by the\nBank of Uganda with the Investment Advisory Committee regarding investment of\nthe petroleum fund revenues having already been appointed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The petroleum fund is also\nexpected to act as a contingency with the government expected to reimburse\nrecoverable expenses verified by the office of the auditor general to oil\ncompanies once production commences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the period 2001 to 2011 the\noperators submitted $1.01B as recoverable costs with the auditor approving $935.6\nmillion and is thereby disclosed in the statement of contingent liabilities in\nthe financial statement. The amount does not include figures for the period\n2012 to date as they have not been verified.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government of Uganda withdrew $54 million or 200 Billion shillings from the Petroleum Fund ahead of production according to the Semi Annual Report for the Petroleum Fund for the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/uganda-withdrew-54-million-from-petroleum-fund\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":7633,"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":[2611],"class_list":["post-7632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-uganda-revenue-authority","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/04\/BOU.jpg?fit=368%2C368&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1Z6","jetpack-related-posts":[{"id":5515,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-awarded-officials-lawyers-1-65m-after-winning-heritage-oil-tax-dispute\/","url_meta":{"origin":7632,"position":0},"title":"Uganda awarded Officials, Lawyers $1.65M After winning Heritage Oil Tax Dispute","author":"","date":"January 5, 2017","format":false,"excerpt":"A new expose by Ugandan Daily Chimp Reports newspaper has revealed that 39 government officials were awarded cash bonanzas equaling Ush6 billion (equivalent $1.65M) after winning the protracted Heritage\/Tullow oil\u00a0Capital Gains Tax (CGT) case. In the case, where the Uganda Revenue Authority (URA) was fighting to have Heritage oil pay\u2026","rel":"","context":"In &quot;Oil Politics&quot;","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/heritage-oil.jpg?fit=225%2C225&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11394,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-parliament-passes-the-public-finance-management-amendment-bill-2021\/","url_meta":{"origin":7632,"position":1},"title":"UGANDA: Parliament Passes the Public Finance Management (Amendment) Bill, 2021","author":"","date":"December 15, 2021","format":false,"excerpt":"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. During the Tuesday, 14 December 2021 plenary sitting, chaired by Deputy Speaker Anita Among, legislators amended the Public Finance\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\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Uganda-Parliament.jpg?fit=1080%2C720&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6261,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-opens-2018-national-supplier-database-registration\/","url_meta":{"origin":7632,"position":2},"title":"Uganda opens 2018 National Supplier Database Registration","author":"","date":"September 5, 2017","format":false,"excerpt":"The Petroleum Authority of Uganda (PAU) has invited the registration of new suppliers to the country\u2019s oil and gas industry by publishing guidelines for the 2018 registration on the supply of goods and services. Already the company has started accepting applications from companies, persons and entities wishing to be listed\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\/08\/uganda-with-flag.jpg?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4745,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-allocates-funds-for-national-petroleum-authority-national-oil-company\/","url_meta":{"origin":7632,"position":3},"title":"Uganda Allocates Funds For National Petroleum Authority &#038; National Oil Company","author":"","date":"June 9, 2016","format":false,"excerpt":"The ministry of finance in Uganda has allocated $56.2 million towards Oil, Gas and Mineral Development and institutional and skills development including operationalizing the National Petroleum Authority and establishment of the National Oil Company in a budget speech read yesterday. The allocation of the funds towards the establishment of the\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\/2014\/03\/uganda.jpg?fit=595%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/uganda.jpg?fit=595%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/uganda.jpg?fit=595%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":383,"url":"https:\/\/www.oilnewskenya.com\/index.php\/total-ep-compensates-ugandans-as-production-nears\/","url_meta":{"origin":7632,"position":4},"title":"Total E&#038;P compensates Ugandans as production nears","author":"Samuel Kamau Mbote","date":"January 20, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Residents of Nebbi will each receive Kshs. 120,000 per acre for land trampled on during exploration plus a 10,000 shillings rent every year with a 40 per cent increment\u00a0 in rent annually. The compensation is as a result of losses they underwent while the company was exploring oil\u2026","rel":"","context":"In &quot;Oil Politics&quot;","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/uganda_-_downtown_kampala-scaled.jpg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/uganda_-_downtown_kampala-scaled.jpg?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/uganda_-_downtown_kampala-scaled.jpg?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/uganda_-_downtown_kampala-scaled.jpg?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/uganda_-_downtown_kampala-scaled.jpg?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9423,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-african-development-bank-grants-500000-for-capacity-development-of-msmes-within-the-petroleum-sector\/","url_meta":{"origin":7632,"position":5},"title":"Uganda: African Development Bank grants $500,000 for capacity development of MSMEs Within the Petroleum Sector","author":"","date":"November 16, 2020","format":false,"excerpt":"The African Development Bank\u00a0 and the Government of Uganda have signed a $500,000 grant agreement for financing of Micro, Small and Medium Enterprises (MSMEs) to boost business linkages on the East African Crude Oil Pipeline Technical Assistance project. The project\u2019s overall objective is to help develop capacity of local Uganda\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\/11\/african-development-bank-1.jpg?fit=1200%2C322&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/african-development-bank-1.jpg?fit=1200%2C322&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/african-development-bank-1.jpg?fit=1200%2C322&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/african-development-bank-1.jpg?fit=1200%2C322&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/african-development-bank-1.jpg?fit=1200%2C322&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7632","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=7632"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7632\/revisions"}],"predecessor-version":[{"id":7634,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7632\/revisions\/7634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/7633"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=7632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=7632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=7632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}