David MacKenzie reports. As always, the oil curse is a worry. Regardless, we are excited for Uganda…
Will Uganda benefit from country’s new oil find?
Kampala, Uganda (CNN) — The recent oil discovery in Uganda could signal an influx of unprecedented wealth for a country where more than a third of the population lives below the poverty line.
With proven reserves of two billion barrels, the east African state could soon become an important oil exporter and potentially attract major foreign investments.
The biggest international player is Tullow Oil, a British-Irish firm that has signed contracts with Uganda to develop its oil reserves, investing hundreds of millions in the country. The company says it will produce the first oil by the end of 2011.
“What it means for Uganda, obviously we would like to think it’s significant revenues,” Tullow’s country manager for Uganda Brian Glover told CNN.
“We are talking about potentially $2 billion a year being yielded from this world class asset. And given that that is roughly the revenue of Uganda today, that could have significant potential.” More here