21 st March, 2018
In accordance with Section 61(1) of the Public Finance Manage ment Act, 2015
as amended, this is to lay on table the semi-annual report of the Petroleum
Fund for the Financial Year 20 18 I 20 19.
The semi-annual report of the Petroleum Fund details the status of the Fund
in terms of inflows, outflows and assets for the six months period ended 31st
December, 2018 .
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PETROLEUM FUND
Semi Annual Report on Inflows, Outflows and Assets of the
Fund
For the period ended 3rt December 2018
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Table of Contents
Acronyms ............................................ .......................................... ... ... ............ 2
1.0 Commentary to the Report on the Petroleum Fund ................ .......... ....... 3
1.1 Introduction ... .. ..... ...... ............ .. .. .............. ......... .......... ..... .. .... ............ . 3
1.2 Withdrawals from the Fund .. ........................... .... ............. ...... .... ......... 3
1. 5 Bank Accounts of the Fund ......... .... ..... .. .... .. .... ... ...... ............. .. ... ...... .. 4
1. 6 Revenues and Receivable to the Fund .............. ................ .... .......... ...... 5
1.8 Contingent liability ........ .... .................. .............. ... .. .. ............ ........... .... 5
2.0 Summary of the Inflows, Outflows and Assets of the PF ...... .............. ...... 7
2. 1 Inflows and Outflows ....... ... .......... ... ....... .. ............ .. ....... .. .................... 7
2.2 Petroleum Fund Position as at June 30, 2018 ............... .............. ......... 8
1 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
THE PETROLEUM FUND
Report to Parliament
as perS61(1)b ofthe
PFMA,2015
Acronyms
FY Financial Year
PF Petroleum Fund
2 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
THE PETROLEUM FUND
Report to Parliament
as per S61(1)b of the
PFMA,2015
..
1.0 Commentary to the Report on the Petroleum Fund
1.1/ntroduction
The PFMA 2015 (Act). established the Petroleum Fund (Fund) into which all
Petroleum related revenues are deposited. The Act under Section 56(3) bestows
the overall responsibility of managing the Petroleum Fun~ with the Minister
responsible for Finance, Planning and Economic Development.
This report has been prepared in line with Section 61 (1) b of the Act as
amended which requires the semi-annual report of the Petroleum Fund to be
submitted to Parliament by 1st April.
As detailed in the attached report, tax and non-tax revenue accruing to the
Fund have been reported. Since production has not yet commenced, nil
volumes and values of Petroleum produced have been reported.
3 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
THE PETROLEUM FUND
Report to Parliament
as per 561(J)b ofthe
PFMA,2015
The Fund value of UGX 288.7billion is constituted by USD 74.06 million, UGX
11 .03billion on bank accounts in Bank of Uganda and a receivable of
unremitted tax revenues by URA of UGX 2.5billion.
4 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Pe troleum Fund
THE PETROLEUM FUND
Report to Parliament
as per S61(1)b ofthe
PFMA,2015
During the Period ended 31St December 2018, URA collected petroleum related
taxes worth UGX 30.3 billion of which UGX 2.5billion had not been remitted to
the Petroleum Fund by the close of the reporting period. Relatedly, Petroleum
Authority of Uganda (PAU) collected and remitted all the training fees
amounting to UGX 1.5billion and surface rental fees amounting to UGX
1billion to the Petroleum Fund by the close of the reporting p eriod.
The unremitted funds from URA are recognized as receivable to the Fund.
1. 7 Contingent liability
A contingent liability is a possible obligation that arises from past events, and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the entity.
Under the Production Sharing Agreements(PSAs) signed between the
Government and the various oil and gas companies (licensees), government will
5 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
- - - - · - - ---- - - - - - - - - - --- ----.-
Pursuant to Sec 61 (1) (b) of PFMA 2015, attached is the semiannual Petroleum
Fund Report for the period ended 31st December 2018.
. I
6 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
Report to Parliament
as per S61(1)b ofthe
PFMA,2015
Outflows:
Transfers to the Consolidated Fund (iv) 200,000,000,000 125,300,000,000
Transfers to the Petroleum Revenue Investment
Reserve
(iv) 0 -
Bank Charges (v) 141.04 525,067 180 650,824
Foreign Exchange loss (Realized) (v) 120,818,722 -
Total outflows 200,121,343,789 125,300,650,824
7 I FY 2018/2019 Semi Annual Report o n the Inflows, Outflows and Assets of the Petroleum F und
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
R eport to Parliam ent
as per S61(1)b ofthe
PFMA,2015
8 I FY 2018 / 2019 Semi Annual Report on the Inflows, O utflows and Assets of the Petrole um Fund
I
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
Report to Parliament
as per S61(1)b of the
PFMAJ2015
9 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
I
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
R eport to Parliament
as per S61(1)b ofthe
PFMA,2015
10 I FY 2018 /2019 Sem i Annual Report on the In flows, O utflows and Assets of the Petroleum Flmd
I
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
Report to Parliament
as per S61{1)b of the
PFMAJ2015
11 I FY 2018/2019 Semi Annual Report on the Inflows, Outflows and Assets of the Petroleum Fund
I
THE PETROLEUM FUND
Summary of Inflows, Outflows, and Assets
For the reporting Period ended 31st December 2018
Report to Parliam ent
as p erS61(1)b ofthe
PFMA,2015
1 Income a nd WHT collected by URA (UGX 2 ,52 5,404 ,963) but not remitted to th e Petroleum Fund as a t 3 151 December 20 18
12 I FY 2018 /2019 Semi Annual Report on the Inflows, Outflows and Asse ts of the Petroleum F und