Bunyoro Kingdom Officials Meet to Discuss Oil Revenues

1343 Views Hoima, Uganda
Bunyoro Kingdom officials meet today to discuss possibilities of securing a share from the oil revenues from the albertine region. Bunyoro Kingdom is demanding for a 5% to 10% share of oil revenue, when production begins. Henry Ford Mirima, the Kingdom spokesperson says that the revenue from the central government would pay for the development of infrastructure in the kingdom where vast reserves have been found in oil blocks 1,2 and 3A. U.K.-based Tullow Oil PLC and London-listed Heritage Oil PLC own block 1 and 3A jointly while Tullow Oil is the sole owner of block 2. The three blocks are estimated to contain around 2 billion barrels of oil, according to government and company officials. Mirima says the kingdom wants to push for internationally recognized oil revenue-sharing agreements with government. Uganda is expected to start oil production in two to three years time

 

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