Nigeria/EITI

Uganda Becomes EITI 54th Member Country

Uganda has become the 54th member country of the Extractive Industries Transparency Initiative (EITI) and the 26th in Africa, following approval of the country’s membership application by the EITI Board.

Welcoming Uganda, EITI Board Chair, Rt Hon. Helen Clark, said, “EITI implementation can help lay the foundation for transparent and accountable management of the country’s natural resource wealth. We welcome Uganda as an implementing country and look forward to the EITI promoting inclusive public debate.”

EITI implementation will require Uganda to publicly disclose information such as contracts, beneficial owners, revenues and payments, including payments related to the environment. These disclosures can in turn promote public oversight and debate.

Participation in the EITI is identified in the Government of Uganda’s 2012 Oil and Gas Revenue Management Policy as an action that will help create lasting value from oil and gas revenues.

Proven reserves of over six billion barrels of crude oil have been identified in Uganda, of which 1.4 billion is currently deemed to be recoverable.

Total and China National Offshore Oil Corporation (CNOOC) are active in the region and share an interest in license areas in the Lake Albert development project. If managed responsibly, expected oil revenues can contribute to national development plans such as infrastructure and social services.

Uganda’s commitment to join the EITI was first made in the 2008 National Oil and Gas Policy and was reiterated in the updated 2012 Oil and Gas Revenue Management Policy. In January 2019, the Ugandan Government approved the decision to present a candidature application, which was submitted in July 2020.

According to Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija, “The decision to join the EITI was informed by the appreciation of the value of transparency as we progress our plans to develop Uganda’s natural resource wealth.

“We believe that this initiative has the potential to strengthen tax collection, improve the investment climate, build trust among sector stakeholders and help create lasting value from our mineral and petroleum resources,” Kasaija said.

Uganda’s initial disclosures in terms of the 2019 EITI Standard will need to be made within 18 months of being admitted as an EITI implementing country.

Poll

Subscribe To Newsletter


NNPC MONTHLY OIL AND GAS REPORT JULY 2020T


CLICK IMAGE TO DOWNLOAD FULL REPORT IN PDF

NPC Monthly Report
Click to comment

Contact Us!

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top