{"id":804,"date":"2014-03-26T13:24:05","date_gmt":"2014-03-26T13:24:05","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=804"},"modified":"2015-09-02T21:12:32","modified_gmt":"2015-09-02T21:12:32","slug":"uganda-needs-8-12-billion-for-oil-production-tullow-oil","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-needs-8-12-billion-for-oil-production-tullow-oil\/","title":{"rendered":"Uganda needs $8-12 billion for oil production \u2013 Tullow Oil"},"content":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n

Uganda will require fiscal terms that offer the right incentives to invest capital and take up front risks if it is to realize the vast amounts of capital needed to develop the country\u2019s oil resources.<\/p>\n

This is according to Tullow Oil Uganda managing director Jimmy Mugwera who says Uganda stands to benefit from revenues worth $50 billion in the coming years under an agreement that will see the government get 80 percent of net revenues.<\/p>\n

The reserves in Uganda are estimated to be worth $100 billion and field development plans that will ultimately lead to the final investment plans are expected in the next 24 months with the company calling for timely approvals.<\/p>\n

The company warns that there is need to manage people\u2019s expectations with the expected revenues almost 3 times the current GDP of Uganda which stands at $17 billion.<\/p>\n

\u201cThis creates an expectation that when oil starts to flow, money will rain from the sky. Being a nascent oil country, there is also the perception that oil will come tomorrow. We are working to build people\u2019s knowledge and the understanding that it takes years to develop and produce oil and that defined work programmes need to take place at each stage of the process. Nevertheless, it is important that we now work swiftly and resolutely to reach the development stage,\u201d he says in the recently released Tullow Country report<\/a>.<\/p>\n

The report also shows that the Uganda government benefited from $175 million in taxes ($142m in corporate tax, $33 in VAT) while the company paid out $47.5m to local suppliers and $44m in salaries.<\/p>\n

The company CEO has also continued to exonerate itself from bribery and corruption claims raised in 2011 by an Ugandan legislator terming its projects in the country above board.<\/p>\n

\u201cSince the day I founded Tullow, there has always been a zero tolerance approach to corruption and we have never been accused of such behaviour before in 30 years of working in Africa. Our zero tolerance approach is made crystal clear to anyone who works for us or with us and is reinforced by our Code of Business Conduct, related policies and ongoing programme of training. Our good name is one of our most valuable assets and we will always vigorously defend it,\u201d Tullow Oil Plc Chief Executive Officer Aidan Heavey said.<\/p>\n

Tullow Oil has 3 interests in 3 licences in Uganda\u2019s Lake Albert rift basin and is in partnerships with Total and CNOOC who equally hold one third interest each.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’] Uganda will require fiscal terms that offer the right incentives to invest capital and take up front risks if it is to realize the vast amounts of capital … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":805,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[476,1206,1366,3577,1888,2533,2571,2574,2605],"class_list":["post-804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-cnooc","tag-jimmy-mugwera","tag-lake-albert","tag-lake-albert-rift-basin","tag-oil-resources","tag-total","tag-tullow-oil","tag-tullow-uganda","tag-uganda-government","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/uganda1.jpg?fit=340%2C573&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-cY","jetpack-related-posts":[{"id":96,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-to-receive-100-billion-from-oil\/","url_meta":{"origin":804,"position":0},"title":"Uganda to receive $100 Billion From Oil","author":"Samuel Kamau Mbote","date":"December 4, 2013","format":false,"excerpt":"Story by: East Africa Business Week Uganda will earn close to $100 billion as its potential share of oil resources, a Tullow Uganda Country Report released last week shows.The Country Report indicates that once production begins, the government's potential share will be $50 billion representing about 80% of the oil\u2026","rel":"","context":"In "News by others"","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"uganda oil","src":"https:\/\/oilnewskenya.files.wordpress.com\/2013\/12\/uganda-oil.jpg?w=350&h=200&crop=1","width":350,"height":200},"classes":[]},{"id":8128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-offloads-uganda-assets-to-total\/","url_meta":{"origin":804,"position":1},"title":"Tullow Oil Offloads Uganda Assets to Total","author":"","date":"April 23, 2020","format":false,"excerpt":"Tullow and Total E&P Uganda B.V. (Total Uganda) have signed a Sale and Purchase Agreement (SPA), with an effective date of 1 January 2020 (the Effective Date), in which Tullow has agreed to transfer its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East\u2026","rel":"","context":"In "Eastern Africa"","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9387,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-completes-575-million-sale-of-uganda-assets-to-total\/","url_meta":{"origin":804,"position":2},"title":"UGANDA: Tullow completes $575 million sale of Uganda assets to Total","author":"","date":"November 10, 2020","format":false,"excerpt":"Tullow Oil\u00a0 has announced that the sale of its assets in Uganda to Total has completed with $500 million consideration received earlier today. Tullow is also due to receive a further $75 million when a Final Investment Decision is taken on the development project plus contingent payments linked to the\u2026","rel":"","context":"In "Countries"","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":[]},{"id":5536,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-announces-900m-farm-down-of-uganda-assets-to-total\/","url_meta":{"origin":804,"position":3},"title":"Tullow Oil announces $900M farm down of Uganda assets to Total","author":"","date":"January 9, 2017","format":false,"excerpt":"A Sale and Purchase Agreement with an effective date of 1\u00a0January 2017 has been signed in which Tullow has agreed to transfer 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2 (operated by Tullow Oil) and 3A in Uganda to Total for a total consideration of $900 million.\u2026","rel":"","context":"In "Top News"","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\/12\/tullow-oil.png?fit=385%2C255&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-agrees-pay-uganda-government-108-million-end-tax-dispute\/","url_meta":{"origin":804,"position":4},"title":"Tullow Oil Agrees To Pay Uganda Government $108 million To End Tax Dispute","author":"","date":"June 22, 2015","format":false,"excerpt":"A tax row that has ensued between oil explorer Tullow Oil and the government of Uganda and the Uganda Revenue Authority in regards to two farm downs to China\u2019s CNOOC and Total may be nearing its end after Tullow agreed to pay $250 million in full and final settlement of\u2026","rel":"","context":"In "Oil Politics"","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\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7769,"url":"https:\/\/www.oilnewskenya.com\/index.php\/total-sa-suspends-investment-plans-in-the-east-africa-crude-oil-pipeline\/","url_meta":{"origin":804,"position":5},"title":"Total SA Suspends Investment Plans in the East Africa Crude Oil Pipeline","author":"","date":"September 6, 2019","format":false,"excerpt":"Total SA has suspended plans to build the 1445 kilometer East Africa Crude Oil pipeline from Hoima (Uganda) to Tanga in Tanzania citing frustrations by the Uganda government in completion of the Tullow Oil deal sources say. The shelving of the $3.5 billion crude export project by the French Giant\u2026","rel":"","context":"In \"East Africa crude oil pipeline\"","block_context":{"text":"East Africa crude oil pipeline","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/east-africa-crude-oil-pipeline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&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\/804","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=804"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/804\/revisions"}],"predecessor-version":[{"id":3339,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/804\/revisions\/3339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/805"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}