Uganda launches long-awaited bid round

Uganda is finally launching its bid round, ending an eight-year freeze on the licensing of new acreage in its energy sector

Uganda is finally launching its bid round, ending an eight-year freeze on the licensing of new acreage in its energy sector.  Ahead of that, it reached an agreement with the UK producer Tullow, which said on 22 June that it had agreed to pay $250m to settle its capital gains tax liability related to the sale of a share of its of local assets in 2012. Tullow had specific exemption from such taxes on sales in block 2, where the transaction was, whereas in the adjacent blocks 1, 3, the PSAs removed that protection. The sum comprises $142m that Tullow paid in 2012 and $108m to be paid in three equal instalments of $36m between 2016 and 2017. “The settlement of this long-running dispute is good n