Oil Companies Spend Ugx 3 Billion Without Authorisation Top story

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Geological Samples then stored at PEPD in Entebbe before the recent Oil laws were enacted. Michael Wambi

Geological Samples then stored at PEPD in Entebbe before the recent Oil laws were enacted. Login to license this image from 1$.

In short
International Oil Companies spent over 3.6 billion shillings 1Million for exploration data without approval from government as required by the production sharing agreements. The money is a recoverable cost as per the agreement between government and Oil Companies.The 2016 Auditor Generals report says the failure to monitor and track costs may according to Auditor General result into International Oil Companies incurring costs which may not be approved as recoverable, which may lead to arbitration.

 

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