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Uganda’s crude asset

New-found oil reserves could double Uganda's GDP, but at what cost?

By Ben Simon   October 2009

Life in Uganda is full of uncertainties. But one thing is clear: the country has far more oil than anyone initially expected. Since the British-owned Tullow Oil drilled its first successful well in 2006, the company has found double the amount it expected. The latest estimates suggest total deposits may exceed 1.5 billion barrels. Once production starts, oil revenues could feasibly double Uganda’s current GDP. Perhaps not surprisingly, this anticipated influx of petro-dollars has created a few complications—not least that President Yoweri Museveni, Uganda’s leader of 23 years, may view it as his ticket to a…

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