Ugandan Oil Boom Approaching

- May 16th, 2012

Bloomberg reported that according to Patrick Bitature, Chairman of the Uganda Investment Authority, Uganda licensed 62 investment projects during the first quarter of 2012. Oil is one of the sectors that received the highest value of planned investment.

Bloomberg reported that according to Patrick Bitature, Chairman of the Uganda Investment Authority, Uganda licensed 62 investment projects during the first quarter of 2012. Oil is one of the sectors that received the highest value of planned investment.

As quoted in the market news:

Uganda is on the cusp of an oil boom with Tullow Oil Plc (TLW) expected to start commercial production later this year. Output from the Ugandan fields, which hold an estimated 2.5 billion barrels of oil, is expected to reach more than 200,000 barrels of oil a day, the London-based company said in March.

Click here to read the full Bloomberg report.

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