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2015-04-02 19:20:00

TOTAL & UGANDA FIGHTING

TOTAL & UGANDA FIGHTING

France's Total is seeking arbitration for a tax dispute with the Ugandan government tied to the company's acquisition of stakes in three exploration blocks.

The company told Reuters on Tuesday that it has filed a request with the International Center for Settlement of Investment Disputes, a unit of the World Bank, to help settle the matter.

The dispute is tied to a 2012 deal that allowed Total and China's CNOOC to buy stakes in three Uganda blocks from UK-based Tullow Oil for $2.9 billion.

A source at the Uganda Revenue Authority told Reuters that Total has argued its production sharing agreement for Exploration Area 2, one of the blocks included in the deal, came with a tax waiver.

Total has not disclosed how much it may owe in taxes but the source said the bill stands at $30 million.

Last year Tullow Oil, along with Total and CNOOC, signed a pipeline and refinery deal with the Ugandan government that could lead to commercial production and crude exports by 2018.

Uganda has estimated crude reserves of about 6.5 billion barrels.

petroglobalnews.com

Tags: TOTAL, UGANDA, OIL

Chronicle:

TOTAL & UGANDA FIGHTING
2018, August, 20, 14:00:00

U.S. RIGS UP 0 TO 1,057

BAKER HUGHES A GE - U.S. Rig Count is unchanged at 1,057 rigs, with oil rigs unchanged at 869, gas rigs unchanged at 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 3 rigs from last week to 212, with oil rigs up 1 to 141 and gas rigs up 2 to 71.

TOTAL & UGANDA FIGHTING
2018, August, 17, 12:01:00

OIL PRICE: NOT ABOVE $72

REUTERS - Brent crude oil futures LCOc1 were down 3 cents at $71.40 a barrel by 00229 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped 1 cent to $65.45 a barrel.

TOTAL & UGANDA FIGHTING
2018, August, 17, 11:55:00

ШИРОКИЕ ПЕРСПЕКТИВЫ СОТРУДНИЧЕСТВА

МИНЭНЕРГО РОССИИ - «Если рассмотреть Конвенцию через призму энергетического сотрудничества прикаспийских государств, можно отметить, что она открывает большие перспективы для расширения и углубления взаимовыгодного сотрудничества в сфере ТЭК», - сказал глава российского энергетического ведомства.

TOTAL & UGANDA FIGHTING
2018, August, 17, 11:50:00

GLOBAL NUCLEAR POWER UP

WNA - Nuclear reactors generated a total of 2506 TWh of electricity in 2017, up from 2477 TWh in 2016. This is the fifth successive year that nuclear generation has risen, with output 160 TWh higher than in 2012.

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