Ugandan Govt to take 80 Pct of oil profits
July 1, 2010 2:08 PM EST
The Ugandan government said Wednesday it will take up to 80 percent of the oil revenue if the production levels are high.
After almost two years of persistent demands by the legislators, energy and mineral development minster Hillary Onek finally signed the agreement, but kept the details confidential.
Onek stressed that the agreements compare well with those of oil and gas producing countries, which normally have good agreements due to reduced geological risks.
"The total take for the country is on average 70 percent and yet these agreements were negotiated at a time when Uganda was not among countries known to have oil resources," Onek said.
According to Onek, the Ugandan government had signed agreements with seven companies: Fina Exploration, Heritage, Hardman Resources, Heritage Oil and Gas and Energy, Neptune Petroleum and Dominion Uganda.
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