The sticking issue of the secrecy around the oil Production Sharing Agreement has kept Ugandans unable to get the answer to the question of how much the country will get from the oil and gas sector.
The failure by the government to disclose the details, especially of how the oil revenues will be shared, has also caused speculation and conclusions, some showing that the oil companies will take most of the income and the country remain with just a tiny fraction if any.
Mr. Faustine Mugisha, the Commercial and Joint Venture Manager at TotalEnergies, the leading investor in Uganda’s oil and gas industry in Uganda however says like all oil and gas companies, TotalEnergies is aware of the importance of being transparent, especially for the sake of the shareholders, absence of which causes wrong conclusions.
Mr. Mugisha who said its government to decide over the matter, insist, transparency is key in the extractives industry for many reasons, but also to keep the expectations of the citizens, the owners of the resources, in check, as well as the confidence of the shareholders.
Mr. Mugisha speaking…….
The companies and the government had withheld the information saying it was important for future negotiations with other companies that would seek licenses. END