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Monday, October 17, 2011

'Uganda: Rocky Start for Country's Burgeoning Oil Sector'

petrodollars baby.......from allafrica..........


"Oil exploration began in Uganda's northwestern Lake Albert basin nearly a decade ago; the Energy Ministry estimates the country has over two billion barrels of oil; Tullow operates three oil blocks in the region, and had sold off part of its stake to Total and China's CNOOC. However, following the allegations of bribery, parliament has halted the sale.

The revelations of possible large-scale graft have caused outrage in the population. The discovery of oil had given hope to a country that despite more than 25 years of relative stability, remains poor. The UN Development Programme reports that 51 percent of the population lives below the poverty line.


"We were so excited when we heard about oil, we knew we would at least get roads, better electricity supply and better hospitals but now it seems that, as usual, all the money is going into the pockets of a few," said Asuman Kasule, a taxi driver in the capital, Kampala"................READ MORE

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