Uganda to earn $50 Billion from discovered oil reserves

Uganda’s government should expect to earn $50 billion on behalf of its 35 million strong population from reserves already discovered over the lifetime of the oil fields, Tullow said – almost three years’ worth of its $17 billion gross domestic product (GDP).

 

Asked where the oil money might go, the Commissioner for Uganda’s Petroleum Exploration and Production Department, Ernest Rubondo, would not comment on the $50 billion estimate but said: “On the spending priorities… essentially they revolve around creating lasting value through investing on infrastructure and education to create human capacity.”

 

This is excerpted from a story reported by Reuters. You can read it here

 

Tullow lifts a corner on Africa’s oil payments curtain

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