‘Uganda’s new oil will have far-reaching effects’-Taken from the globalpost, which is an African news source-Uganda is located on Lake Albert in central Africa, and the article refers to it as the Rift Valley-A U.K based oil exploration company, Tullow Oil, may have discovered as much as 2.5 billion barrels of oil in Uganda-This has the potential to change a lot of things in Uganda, which is a poor country with little to no industry -the value of the oil is estimated at $2 billion a year for the next 20 years-comparative to the Uganda’s annual budget of 2.4 billion and its GDP of 17 billion, 2 billion dollars of oil per year is a huge sum-so far, 35 wells have been drilled by the oil exploration company --Tullow, to pinpoint the true size of the oil found in Uganda. -Only one of these 35 wells has come up dry, which is phenomenal hit rate-a 30 year veteran in the oil industry said that he has never seen anything like the Rift Valley in Uganda-Tullow plans on extracting 150,000 barrels per day
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This note was uploaded on 01/31/2012 for the course ITS 201 taught by Professor Copp during the Spring '07 term at Miami University.