Browsing: Oil & petroleum

In the latest global index report released by a New York based Natural Resource Governance Institute (NRGI), a non-profit entity that advocates for good governance in natural resources, Uganda’s Petroleum and mining sector scored 49 per cent and 55 per cent, respectively.

This score by the Ugandan Oil sector according to the index released last week, was propelled by among other factors, improvements in revenue transparency, corporate governance of state-owned Uganda National Oil Company, and reporting on the performance of the Petroleum Fund.

“Despite the positive upward trend, challenges remain, placing governance of Uganda’s oil and gas sector in the “weak” performance band,” the index report reads in part.

The ratings, the index noted, received a “failing” score, hampered by absence of a cadaster, lack of beneficial ownership, rules on public disclosures and government’s failure to disclose contracts with oil companies – French Total Energies EP, and China’s CNOOC.

This …