Welcome to Uganda Multimedia News & Information   Click to listen highlighted text! Welcome to Uganda Multimedia News & Information

Businesses counting loses due to lull in oil sector

Dennis Kamurasi of the Association of Uganda Oil and Gas Service Providers says businesses are counting loses due to the lull in the sector.
Kamurasi says this lull has dragged on since 2010  with little or no activity in the three joint venture oil companies Tullow Uganda, Total E&P and China National Oil Company yet these firms, just like the service providers, have invested heavily into  oil exploration, production and awaiting production. He however predicts that activity could resume since the president appointed the National Petroleum Authority and the National Oil Company recently.
Instituting these two bodies could see the Government Issue production licences to Tullow and Total by early next year because even though CNOOC got a production license in 2013, it has not done much.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Click to listen highlighted text!