14 Feb '11, 2am

New-found oil set to change Uganda's economy

New-found oil set to change Uganda's economy

President Yuweri Museveni is expected to win re-election in Friday's poll. -- PHOTO: AP KAMPALA - WHOEVER wins this week's presidential election in Uganda will have to manage national reserves of 2.5 billion barrels of oil, a recent find that has transformed the country's financial outlook. President Yuweri Museveni is expected to win re-election in Friday's poll but will face the toughest challenge yet to his 25-year rule from veteran opposition leader Kizza Besigye, according to analysts. Rumours that the north-western Lake Albert region sits above an oil field have been around for decades, but in late 2006, two foreign firms found the first reserves deemed commercially viable. Earlier estimates had put total deposits at around 1.5 billion barrels, but Anglo-Irish Tullow Oil and Canada's Heritage Oil and Gas found accessible crude in more than 90 per cent of wells drille...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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