Dennis Kakembo, a partner at Cristal Advocates, a law firm that analyses trends in the oil sector, said if the oil prices remain significantly below USD 50 a barrel, it would not make business sense for companies to invest in Uganda’s sector. It is likely to delay Uganda’s projects as investors wait to be certain of the future.
Low global oil prices and uncertainties over developments in Uganda\'s oil and gas sector are likely to have terrible consequences for the country, according to Emmanuel Mutebile, the Governor Bank of Uganda.
Al Hilal Bank according to Dubai\'s National Business daily is partnering with Hind Al Oud perfume manufacturer that specialises in musky Arab scents to create a themed card targeting women. Al Oud will also provide complimentary perfumes alongside the perfumed MasterCard.
Tullow appears to have made a decision that it will not apply for the new licenses, at least from what George Cazenove the Head of Media Relations at Tullow told URN. He replied with a straight \'no\' when asked whether they\'ll participate in the new round of licensing.
Tullow is involved in exploration activities in Uganda and is currently awaiting the award of production licenses that have delayed for almost over two years. In an email to URN, the oil company noted that the changes in oil prices will not affect the performance of the company in Uganda.