Uganda - `Uganda's new oil will have far-reaching effects'...

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‘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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