A bonanza beckons

摘要

Adetermined push by Western wild-catters and big oil companies from fast-growing Asian economies such as those of China and Malaysia may change the fortunes of several countries in remoter and trickier bits of Africa once largely ignored by foreign investors. One of the most spectacular recent finds has been in Uganda. The reserves of the Albertine rift, which takes in the Ugandan and Congolese shores of Lake Albert (see map), are said to need $10 billion for development. All being well, Uganda will soon become a mid-sized producer, alongside countries such as Mexico. Foreign investment in Uganda may nearly double this year to $3 billion. The country expects to earn $2 billion a year from oil by 2015.