Browsing: Total Energy

Critics allege investment in East Africa oil exploration is not sound investment and endangers the environment. www.theexchange.africa

As would be expected, Total rebutted the claims. Its first move was to make public the related project social and environmental studies and issue a statement in which it pledged transparency.

The company admits that; “The projects for the development of the oil and gas resources of the Lake Albert region and the cross-border pipeline are situated in a sensitive social and environmental context that requires special measures for the environment and the rights of the local communities.”

In a follow-up statement, the investors maintained that; “All the partners are committed to implementing these projects in an exemplary manner and taking into highest consideration the biodiversity and environmental stakes as well as the local communities’ rights and within the stringent environmental and social performance standards of the International Finance Corporation.”…

Uganda's oil sector registers improved ratings

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 …