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Article

26 Jul 2011

Author:
Alisa Zomer & Peter Veit, World Resources Institute [USA]

SEC Regulations Could Bring Oil Revenue Transparency to Uganda

Recent developments in Uganda’s oil industry have made the release of [the U.S. Securities and Exchange Commission] transparency provisions more urgent than ever...The information on oil payments will come at a critical time in Uganda. In recent years the government has been backpedeling from its earlier democratic reforms and recentralizing power within the president and cabinet...Recent developments, including the lifting of presidential term limits before the 2006 elections and the harassment of democratic opposition, have attracted concern from local advocates and the international community...Without transparency around the emerging oil industry, the resource curse could become a reality in Uganda. On the other hand, the release of detailed oil payment information could be used to hold governments accountable for fiduciary commitments and ensure communities affected by resource extraction receive fair benefits. [refers to Tullow Oil, Total, Chinese National Offshore Oil Company]