Another African country strikes black gold, in massive amounts

UPDATE: The office of the president in Uganda is saying that the oil around Lake Albert may be double what was initially thought. According to Bloomberg:

” Uganda may hold deposits of as many as 6 billion barrels of oil, more than double the current estimate, according to the office of the nation’s presidency.

“Some analysts estimate that Uganda’s Albertine Graben may hold more than 6 billion barrels of oil,” the presidential office said in an e-mail statement yesterday. The estimate is well above the discovered deposits with a potential of 2.5 billion barrels, it said.”

*************************************

Namibia has joined Ghana and Uganda as the latest winners of the oil lottery in Africa.

According to the Independent Online:

An estimated 11 billion barrels in oil reserves have been found off Namibia’s coast, with the first production planned within four years, mines and energy minister Isak Katali announced Wednesday.

The finding could put Namibia on par with neighbouring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa’s top producer Nigeria.

With just over 2.1 million people and already rich in Uranium, Namibia stands to gain immensely from the new discovery – if it is managed sanely, that is.

Between the other new African petro-states, Ghana (with its fledgling democracy) hopes to rival Botswana as the poster child of exemplary mineral management on the continent. Uganda, however, appears poised to be yet another data point in support of the oil curse theory (see earlier post below).

About these ads

5 thoughts on “Another African country strikes black gold, in massive amounts

  1. Pingback: Counterparties | Felix Salmon

  2. Pingback: A Weekly Roundup of Small-Business News - NYTimes.com

  3. Pingback: This Week in Small Business: Fat, Flat and Falling | Twin Rivers

  4. Yeah, this news is very interesting. I’ll be following up on it, I’m sure.

    In the meantime, have you seen Mike McGovern’s recent critique of Paul Collier in Perspectives on Politics? Chris Blattman and Andrew Gelman both have interesting comments, and I thought you might be interested. He is quite down on (some) economists, but with high praise for (some) political scientists.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s