.

I hope they do not make the same mistakes Nigeria has made with oil. Too easy for blessings to become curses

http://allafrica.com/stories/200908060027.html

@Topic

Just like any other black African nation, they will follow the same trend. The blessings in African lands are curses to them (it's true).The most blessed countries in Africa are the most wretched.Sometimes, i wonder aloud "WHAT IS WRONG WITH BLACK PEOPLE"!!! We don't seem to see beyond our noses.All everyone wants is riches for themselves and nothing more.It's sickening.

There will be corruption no doubt, but Museveni and his government have a lot of national pride, so I think they'll be more like the Middle East or Angola. They'll steal revenue, but at the same time they'll develop the country.

While in Nigeria, they take all the money, and leave none for development.

Museveni for life president

davidylan:

Museveni for life president

then the son takes his place like what's happening in Gabon.

The AU does nothing of course.

na today dem dey find oil for Africa?

People should even start weeping whenever someone says they found oil in their country sef.

dem no dey learn.

As long as the oil is not in such significant quantities as to distort the economy, Uganda will benefit from the oil find without falling victim to the resource curse.

From the reports, many experts in the oil biz are calling Uganda the Saudi Arabia of Africa. I just hope they don't choose money over natuere, they think there are enormous amounts of oil underneath their national parks.

@Blackspade

It's not even close:

Kampala - Uganda's recently discovered oil reserves now stand at two billion barrels but may exceed six billion barrels as exploration continues, a government newspaper reported Friday. International firms have invested millions of dollars in the East African country, where they began exploration activities in the western and north-western region early this decade.

[url]http://www.earthtimes.org/articles/show/283186,report-ugandas-oil-reserves-could-reach-six-billion-barrels.html[/url]

If you accept the upper estimate of 6 billion barrels, that's not even close to Nigeria's level of 40bn barrels, never mind Saudi Arabia's 267bn barrels.

They are significant oil finds but not such as to distort the economy and create an over reliance on oil.

Not according to the US Department of Energy.

Uganda: Oil Reserves Rival Saudi Arabia's, Says U.S. Expert

Uganda's oil reserves could be as much as that of the Gulf countries, a senior official at the US Department of Energy has said.

Based on the test flow results encountered at the wells so far drilled and other oil numbers, Ms. Sally Kornfeld, a senior analyst in the office of fossil energy went ahead to talk about Uganda's oil reservoirs in the same sentence as Saudi Arabia.

http://allafrica.com/stories/200906020555.html

Nothing concrete, but this is a VERY promising find. Nigeria still has many more undiscovered reserves (hope they never find them), so we might be up there too.

Don't know about you, but 267bn barrels doesn't compare with a potential find of 6bn barrels. I think facts are a better metric than statements reported in the media.

MrCrackles:

Hahaha. . . .
When are they going to find oil in my backyard?

Oil dey Peckham?

4 Play:

Don't know about you, but 267bn barrels doesn't compare with a potential find of 6bn barrels. I think facts are a better metric than statements reported in the media.

Read the rest of the article, they're talking about test flow results. . . .

gabon, angola, ghana, euquitorial gunine and nigeria are oil rich nations but millions live below the poverty line

sierre leone, congo, zimbabwe, liberia, ivory coast, south africa, botswana and namibia are diamond rich nations but millions live below the poverty line.

africa is cursed,

I know this may sound paranoid but here is my theory. Please note that i have a working experience in the nigerian oil and gas industry and hence i am not really completely naive.

1. Oil and Gas exploration is usually done mostly by foreign oil companies in nigeria. They are most they ones that can afford it cus its damn expensive.

2. I do not know who controls the exploration data obtained whether there is a signed agreement that oil exploration data must be signed by a nigerian body.

3. The reason for point two is that, foreign companies can lie not to have found oil somewhere if there is a national security or business interest at stake.

4. Hence i am suspicious all the sudden discovery of oil in different places in africa.

5. My opinion is that its very possible that most western governments already know where the oil and gas resources are, hence they are only bidding their time until they are in a position to exploit before notifiying the native country of such discoveries.

I might be wrong . . . but its just a conjecture of mine, considering that i understand that it is not a good business practise if the oil and gas companies reveal their oil discoveries before being able to tap them , considering that they native countries might just give those resources to other countries or companies by fiat.

thameamead:


gabon, angola, ghana, euquitorial gunine and nigeria are oil rich nations but millions live below the poverty line

sierre leone, congo, zimbabwe, liberia, ivory coast, south africa, botswana and namibia are diamond rich nations but millions live below the poverty line.

africa is cursed,

Africa is not cursed . . .

The reason for that is simple.

Africa is not controlling its resources . . .

1. even nigeria does not know how much oil is being exported talkless of less developed african countries.
2. CIA has always being installing puppet leaders in africa so that african resources can be plundered.
3. Africa had independence but was never independent.
4. Corruption is prevalent in Africa because the West benefits from money stolen from Africa and banked in the West.

What people do not realise is that even if African leaders are corrupt, if the amount of African money stolen and banked in the West is instead kept in African banks, there would be more development in Africa.

Hence from technical point of view, corruption is part of the problem and so is capital flight.

Arab countries are also corrupt, however the difference is that there is not much capital flight over there.

No2Atheism:

Africa is not controlling its resources

Who's fault do you think that is?

ezeagu:

Who's fault do you think that is?

here is ur answer

No2Atheism:


1. even nigeria does not know how much oil is being exported talkless of less developed african countries.
2. CIA has always being installing puppet leaders in africa so that african resources can be plundered.
3. Africa had independence but was never independent.
4. Corruption is prevalent in Africa because the West benefits from money stolen from Africa and banked in the West.

What people do not realise is that even if African leaders are corrupt, if the amount of African money stolen and banked in the West is instead kept in African banks, there would be more development in Africa.

Hence from technical point of view, corruption is part of the problem and so is capital flight.

Arab countries are also corrupt, however the difference is that there is not much capital flight over there.

No2Atheism:

here is your answer

You replied with the outcomes of the problem, not the root of the problem itself, so who's fault do you think all that you listed is?

ezeagu:

You replied with the outcomes of the problem, not the root of the problem itself, so who's fault do you think all that you listed is?

Nope read my response again . . .what is given is not the outcome . . .

Definition of an outcome is the symptom of an action done by someonee or something (root cause of the action):

Thus in response to your question:

Outcome:

1.Corupption
2. Waste of resources
3. Underdevelopment.



Root Causes:

1. That is how Africa has been designed to function by the west .i.e you cannot plant corn and expect to harvest yam.
2. CIA has always being installing puppet leaders in africa (according to their design) so that african resources can be plundered.
3. Africa had independence but was never independent.
4. Most African leaders that have tried to change the design and control of Africa by the West have either being killed or villified as criminals (which some are) and their countries slammed with illegal sanctions e.g. Zimbabwe