Chinese Oil company, CNOOC Limited, with oil stakes in Uganda and listed on the Toronto Stock Exchange, has disclosed US $2.6 billion in payments to entities in a number of countries it operates, a communique from the company says.
The report released by the company’s Chief Finance Officer, Hua Zhong, shows that it paid Uganda’s Ministry of Energy and Mineral Development US $172, 000 (Shs602 million) in fees for operations in Areas 1A (EA1) at the Northern end of Lake Albert (in the Murchison Falls National Park), Exploration Area 2 (EA2) to the East of Lake Albert in the Butiaba region, and Exploration Area 3 (3A)-Kingfisher, in the Albertine Graben, which cost the company for a combined sum of US $900 million (about Shs3.2 trillion).
Other African countries that received payments from CNOOC include Algeria, Nigeria, Gabon and Congo. The payments included taxes, loyalties, bonuses and dividends.
The country also paid countries in North America, Asia, and South America.