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Telephones: Kampala 341305/230487 Ministry of Finance,

Fax No. 23352 Planning & Economic


Telegrams: "Accounts" Development,
E-Mail: Lawrence.semakula@finance.qo.ug Accountant General's
Plot No. 2-12 Apollo Kaggwa Road Office,
In any correspondence on _ P.O. Box 7031,
this subject please quote No. AG0/1 44/61/ 19 THE REPUBLIC OF UGANDA
Kampala, Uganda.

21 st March, 2018

The Rt. Hon. Speaker of Parliament,


Parliament of Uganda
KAMPALA.

SEMI ANNUAL REPORT OF THE PETROLEUM FUND FOR THE FINANCIAL


YEAR 2018/2019

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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Cc The Auditor General, Office of the Auditor General

The Pe rmanent Secretary /Secretary to the Treasury, MoFPED

The Clerk to Parliament, Parliament of Uganda

· The Accountant General, Accountant Generals' Office


Government of the Republic of Uganda

PETROLEUM FUND
Semi Annual Report on Inflows, Outflows and Assets of the
Fund
For the period ended 3rt December 2018
~----------------------------------------------------------

THE PETROLEUM FUND


-
Report to Parliament
as per S61(1)b ofthe
PFMA,2015

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

1.3 Audited Financial Statements .......................... .. ........................ ..... ..... 3

1.4 Fund Value ........................................................ ............. .... ..... ... ......... 3

1. 5 Bank Accounts of the Fund ......... .... ..... .. .... .. .... ... ...... ............. .. ... ...... .. 4

1. 6 Revenues and Receivable to the Fund .............. ................ .... .......... ...... 5

1. 7 Petroleum Revenue Investment Policy ............................................... .. . 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

3.0 Details of Inflows, Outflows and Assets ................................................... 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

BOU Bank of Uganda

FY Financial Year

IPSAS International Public Sector Accounting Standards

OAG Office of the Auditor General

PAU Petroleum Authority of Uganda

PF Petroleum Fund

PFMA Public Finance Management Act

PRIR Petroleum Revenue Investment Reserve

PSA Production Sharing Agreement

UCF Uganda Consolidated Fund

UGX Uganda Shillings

URA Uganda Revenue Authority

USD United States Dollars

WHT Withholding Tax

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.

1.2 Withdrawals from the Fund


In line with Section 59 of the PFMA as amended and the Appropriation Act, a
sum of UGX 200billion was transferred from the Petroleum Fund to the
Uganda Consolidated Fund (UCF) to fund the Financial Year 201812019
Appropriation.

1.3 Audited Financial Statements


For proper accountability and transparency and in compliance with S60 (b) of
the PFMA 2015, the Statutory annual and semi-annual financial statements for
prior periods that is, financial years 2015116, 2016117 and 2017 I 18 of the
Fund were prepared by the Accountant General and audited by the Auditor
General. The Audited Financial Statements of the Fund are published on the
Ministry website and can be accessed on- (http:// www. finance.qo.ug/ Reports).

1.4 Fund Value


The Fund as at 31st December, 2018 was valued at UGX 288,748,365,674 (Two
hundred eighty eight billion, seven hundred forty eight million, three hundred
sixty five thousand six hundred, seventy forty shillings) . The reduction in the
fund value from UGX 470.4billion reported in June 2018 to the current UGX
288. 7billion is due to the transfer of UGX 200billion to the UCF to finance the
FY 2018 I 20 19 budget as per appropriation.

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.

Below is a summary of the cumulative position of the Fund as at 31 st


December 2018
Table 1: Cumulative position of the Petroleum Fund

PETROLEUM FUND (UGX)


Opening balance (July 01, 2018) 121,840,546,088
Additions during the period 37,518,765,719
Less:
Transfers to the UCF Account (148,321,087,430)
Closing balance as at 31 December 2018 11,038,224,377
PETROLEUM FUND (USD)
Opening Balance (July 01, 2018) $86,525,730.06
Additions for the period
Surface rentals and training fees 677,618.67
Signature Bonus
Business/ Production License
Investment Income
Transfer from PAU (Receivable) 813,375
Other receipts (Bank Charge for FY 2017/18 reversed in FY2018/19) 20
Total additions (USD} $1,491,013.67
Less:
Transfer to the UCF Account {$13,947,633.89}
Bank Charges {$141.04}
Closing balance as at 31 December 2018 $74,068,968.80
RECEIVABLE FROM URA & PAU (UGX)
Opening balance as at July 01, 2018 12,877,415,932
Less: Transfers from the URA & PAU (12,877,415,932)
Additions for the period
Unremitted Tax Collections from URA 2,525,404,963
Unremitted training fees from PAU
Closing Balance as at 31st December 2018 2, 525,404,963

1.5 Bank Accounts of the Fund


The Fund is maintained on two separate accounts in Bank of Uganda; one
denominated in Uganda Shillings (UGX) and the other in United States Dollars
(USD). Another account was opened in the Federal Reserve Bank of New York
to facilitate investment of the funds under the Petroleum Revenue Investment
Reserve.

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

Table 2: Bank Account details of the Petroleum Fund

Account Name Currency Location A/CNO.


Petroleum Fund USD BoU, Kampala Road 003300328400010
Petroleum Fund UGX BoU, Kampala Road 003300328000026
BoU Petroleum Fund USD Federal Reserve Bank, New York, US 021086676

1.6Revenues and Receivable to the Fund


Uganda Revenue Authority (URA) is mandated by the PFMA 2015 to collect all
petroleum revenues and remit to the Petroleum Fund Account.

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.

Petroleum Investment Framework

To facilitate investment under the Petroleum Revenue Investment Reserve in


line with PFMA 20 15, the Ministry has finalized the draft Petroleum Revenue
Investment policy, the Operational Management Agreement and Terms of
reference of the Investment Advisory Committee. Upon approval by the
Ministry, these will act as a framework to guide Bank of Uganda a nd the
Investment Advisory Committee regarding investment of the petroleum fund
revenues.

Relatedly, members of the Petroleum Investment Advisory Committee were


appointed in line with the PFMA 2015 .

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
- - - - · - - ---- - - - - - - - - - --- ----.-

THE PETROLEUM FUND


Report to Parliament
as per S61(1)b ofthe
PF.MA,2015
reimburse all the recoverable costs that are incurred in accordance with the
PSAs and verified by the Office of the Auditor General (OAG) once production
commences. For the period 2001 to 2011, the licensees submitted USD
1,014,840,402 as recoverable costs of which only USD 935,692,423 (Nine
hundred thirty five million, six hundred ninety two thousand, four hundred
twenty three only) was verified as valid by OAG as being complaint with the
PSAs. This amount will be paid to the licensees once production commences
and has therefore not been recognized but disclosed in the statement of
contingent liabilities in the financial statements. The figures for the period
2012 to date will be included in the Financial Statements once their verification
is finalized.

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

2.0 Summary of the Inflows, Outflows and Assets of the PF

2.1 Inflows and Outflows ·..


Actual Actual
Notes 31st December 2018 30th June 2018
Shs Shs
Inflows: USD UGX USD UGX
Sale of Petroleum (i) - - - -
Tax revenues frorp Petroleum Activities (USD) (ii) - - - -
Tax revenues from Petroleum Activities (UGX) (ii) - 30,322,446,406 - 46,253,948,139
Non Tax revenues from Petroleum Activities (USD) (iii) 677,618.67 2,534,845,625 4,554,309 16,734,523,777
Non Tax revenues from Petroleum Activities (UGX) (iii) - 0 - 0
Foreign Exchange gains (translational) - 0 - 26,093,373,451
Total Inflows 32,857,292,031 89,081,845,367

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

2.2 Petroleum Fund Position as at 31st December 2018


Actual Actual I

Notes 31st December 2018 30th June 2018 ·..


Shs Shs
USD UGX USD UGX
Petroleum Fund Assets (USD) (vi) 74,068,968.80 275,184,736,334 86,525,730 338,853,892,856
Petroleum Fund Assets (UGX) (vi) 13,563,629,340 131,562,270,364
Petroleum Fund Liabilities 0 0
Total PetroleumJFun_d Reserves _____ _ _ __ c..!~8!748,36~~~7_4 ___ ___ - ~~~_,~16,163,~~~

3.0 Details of Inflows, Outflows and Assets


Note i: Sale of Petroleum
Actual Actual
31st December 2018 30th June 2018
Shs Shs
USD UGX USD UGX I

Net Product ion volume - - I

Average Price (USD*Average Ex-Rate) - -


Total Petroleum Revenue - -

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

Note ii: Tax Revenues


Actual Actual
31st December 2018 30th June 2018 ·..
Shs Sh$
USD UGX USD UGX
Excise duty
Income Tax levied on Petroleum Operations 6,705,297,545 1,394,867,309
Capital Gains Tax on transfer of Shares 0 0 0
Tax on contractor Profit oil or gas 0 0
VAT
r 667,591,871 0
Stamp Duty 0 0
Withholding Tax 22,949,556,990 44,859,080,830 '
Total Tax Revenue 30,322,446,406 46,253,948,139 J

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

Note iii: Non-Tax Revenues


Actual Actual
31st December 2018 30th June 2018 ..
·
Shs s~s
USD UGX USD UGX
Investment Income 0 0 1,035,235 3,740,948,138
Surface Rentals, Training fees and sale of data 677,618.67 2,534,845,625 1,808,989 6,749,624,999
Royalties - 0 0
Signature Bonus 1,709,975 6,243,551,628
Discovery Bonus' - 0 0
Production Bonus - 0 0
Business/Production License 110 399,012
Share of Profits from oil and gas exploration - 0 0
Penalties/ surcharges for late Payment - 0 0
Sale of Bid documents (Licensing rounds) - 0 0
Miscellaneous revenue - - 0 0
Total Non-Tax Revenue 677,618.67 2,534,845,625 4,554,309 16,734,523,777

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

Note iv: Transfers out of the Fund


Actual Actual
31st December 2018 30th June 2018 ..
·
Shs Shs
USD UGX USD UGX
Transfers to the Uganda Consolidated Fund (UCF) 200,000,000,000 125,300,000,000
Transfers to the Petroleum Revenue Investment
0 0
reserve (PRIR)
Total transfers out of the Petroleum Fund 200,000,000,000 125,300,000,000

Note V: Other Outflows


Actual Actual
31st December 2018 FY 2016/17
Shs Shs
USD UGX USD UGX
Bank Charges 141.04 525,067 180 650,824
Foreign Exchange loss 120,818,722 -
Total Other Outflows 141.04 121,343,789 180 650,824

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

Note vi: Petroleum Fund Assets


Actual Actual
31st December 2018 30th June 2018 ..
·
USD UGX USD ,• UGX
Cash and Cash equivalents (USD) 74,068,968.80 275,184,736,334 86,525,730 335,698,201,200
Cash and Cash equivalents (UGX) 11,038,224,377 121,840,546,088
Petroleum Received in Kind (Volume) 0 0
Price of Petroleum on day of Receipt 0 0
1
Receivable fromJJRA & PAU 2,525,404,963 12,877,415,932
Total Petroleum Fund Assets -
288,748,36S,674 470,416,163,220

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

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