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Old July 12th, 2009, 11:49 PM   #141
Mister79
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Some people still think that oil is the future. The oil time is over. Herman Sheer a solar expert who made Germany into the first solar industry said now investing in oil is waste of money. In 10 years solar energy will become as cheap as energy from oil and gaz..

The future for Africa is agriculture, manufactering, offshoring, trade, tourisme etc.
Those are the most essential things to make Africa into the next Asia.
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Old July 13th, 2009, 12:05 AM   #142
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Some people still think that oil is the future. The oil time is over. Herman Sheer a solar expert who made Germany into the first solar industry said now investing in oil is waste of money. In 10 years solar energy will become as cheap as energy from oil and gaz..

The future for Africa is agriculture, manufactering, offshoring, trade, tourisme etc.
Those are the most essential things to make Africa into the next Asia.

Exactly, Oil is yesterday business . But some countries that never seen a drop of Oil think that it's everything. Everyne in that country is over happy. But the polical landscape in that country is a time Bomb. most people don't like their current president Museveni.

When oils start flowing and people don't see that much change, rebels will start multiplying, they already have rebels.
But it's too soon to judge. Lets see what will happen as the oils start flowing.
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Old July 13th, 2009, 05:52 PM   #143
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Refined or crude? Battle for Uganda oil turns murkier

The East African,
By MALINGHA DOYA
Posted Monday, July 13 2009 at 00:00

Competing interests tagged to either building of an oil refinery in Uganda or exporting crude products are delaying the country’s oil programme as the scramble to gain from the “liquid gold” intensifies.

The EastAfrican has learnt that some interested parties are convincing the government to export crude oil as the best economic option.

They say the oil-type here has a high content of sulphur and wax, making it very expensive to refine, against the contemporary ideology of value-addition on products from poor countries.

This is happening amid government secrecy over what is happening to an oil programme that anticipated production of at least heavy fuel this year, partly to rid the country of a power shortage through fuel-intensive thermal power.

Sources say there is a lot at stake if Uganda builds an oil refinery with the capacity to serve the regional market and beyond.

Those pushing for export of crude oil are local and foreign entities with interest in the logistics industry.

They expect to gain by continuing to ferry refined oil from the coast.

The second group includes representatives of oil-producing governments and multinationals that want to either import the crude to be refined back home, or to safeguard their market here, regardless of where Uganda sells her produce.

Apparently, they put forth a powerful voice to the extent that President Yoweri Museveni started doubting his own conviction to refine oil in Uganda.

After Claude Landry, a Canadian oil expert with 50 years of experience in the sector, told him that refining oil in Uganda is economically viable, President Museveni was quoted in the local media saying: “You’ve immunised me against any confusion on the issue.”

It is understood that established cartels of some oil-producing countries and multinationals are not comfortable with another major producer such as Uganda — with two billion barrels of oil already confirmed — joining the club.

They have set up refineries across the world to serve sub-regions like Asia, Africa and Europe.

By refining oil and supplying it to the Great Lakes market, as hoped, Uganda could significantly impact on the current market order.

Stephen Biraahwa, chairman of the National Economy Committee in Parliament, says intrigues by powerful cartels over Uganda’s oil resources started when an arrangement to exploit the resource, jointly with DR Congo, went under with the Joseph Mobutu Seseseko regime.

Apparently, President Museveni and the late Mobutu, ex-President of DR Congo, then Zaire, had agreed to exploit oil near the two countries’ borders jointly.

“DR Congo was ahead in the oil programme until the crisis that befell the country. When the Mobutu-Museveni arrangement failed, many multinationals and other entities lost out, and intrigues set in,” said Mr Biraahwa.

Where oil producing companies invest in refineries, they have significant control of downstream companies in sectors like transport and insurance.

Usually, they also have a stake in oil tankers, pipelines and railway entities.

Secondly, financing institutions for big-ticket projects like an oil refinery are the same ones that funded entities which established the existing refineries in the world.

They have a repayment arrangement based on the then global market.

Funding another refinery to serve East Africa and beyond means removing a substantial market share from their current borrowers, and perhaps interrupting the pace of debt repayment.

Sources also say Kenya is informally engaging Uganda in a refinery arrangement, given that it already has a refinery in Mombasa.

Uganda argues that Mombasa refinery is too small to serve the region.

But if such an agreement is made, Kenyan could refurbish and expand the capacity of its refinery and pipeline.

Private pipeline companies like Tamoil are engaged in building an extension of the pipeline from Kenya to Uganda and across to Rwanda.

Should Uganda begin refining its oil, the investment could be compromised by inability to pump oil in reverse.

This could explain why Uganda has not yet announced an ally to pursue its oil programme.

A number of delegations have engaged Uganda on this over the years, including Norwegians, Australians and Americans.

Most recently, President Museveni reached out to oil producing countries like Iran and Turkey.

With more discoveries, the government has most recently ruled out an early production system as “we will be forced to export crude oil, which is against our policy,” said Energy Minister Hilary Onek.

Exporting refined oil could help Uganda escape the oil curse suffered by countries like Nigeria.
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Old July 13th, 2009, 06:08 PM   #144
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It's already starting to get messy? that was quick. anyways, at least they are about to builb a refinary. they must build it. exporting crude is very bad.
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Old July 15th, 2009, 10:36 AM   #145
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It's already starting to get messy? that was quick. anyways, at least they are about to builb a refinary. they must build it. exporting crude is very bad.
guys oil is gonna be produced here and we will all benefit
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Old July 15th, 2009, 03:29 PM   #146
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guys oil is gonna be produced here and we will all benefit
You will benefit once M7 and cronies have stashed their billions of dollars in swiss accounts...You need to remove this dictator..he is an eyesore...How come he is behaving like he knows everything..why is he doing things under the table and keeping them secret from the public...this is how Nigerian dictators behaved when messing up the economy of Nigeria..
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Old July 15th, 2009, 04:41 PM   #147
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I was wondering which is better. Building a refinery plus a parallel pipeline to Mombasa for export of Uganda's oil or upgrading the Mombasa refinery and maintaining the current pipeline.

Obviously the first is more expensive and at the end of the day, most likely, we will have a common market by 2012 (one economy for all EA states) when oil production should be kicking in.
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Old July 15th, 2009, 05:15 PM   #148
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I was wondering which is better. Building a refinery plus a parallel pipeline to Mombasa for export of Uganda's oil or upgrading the Mombasa refinery and maintaining the current pipeline.

Obviously the first is more expensive and at the end of the day, most likely, we will have a common market by 2012 (one economy for all EA states) when oil production should be kicking in.
I don't even see why Uganda shoud export it Oil outside EAC. EAC is a perfect makrket fro Uganda and they don't have to worry to much about refinning , Kenya already have a refireny. It would be more beneficial to the Ugandan economy to have their own Refinery though.
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Old July 15th, 2009, 06:09 PM   #149
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Butembo ,

Are we getting anything out this ?? I was under the impression that this was joint exploitation DRC and Uganda since it is on Lac Albert. Please advise.

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Old July 15th, 2009, 07:25 PM   #150
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Butembo ,

Are we getting anything out this ?? I was under the impression that this was joint exploitation DRC and Uganda since it is on Lac Albert. Please advise.

Mulopwe
No we are not. It's solely Ugandans. But we are supposed to have another joint exploitation.

However the same comapny that's exploiting the other side, is also on the Congolese side trying to do the same.

here is an article.

Tullow wins back Congo oil rights .


Wednesday, 15 April 2009 08:52 By Independent Team & Agencies


AS expected, Tullow Oil and its partner Heritage Oil have won back rights to explore for oil in the Democratic Republic of Congo after a year-long dispute, the country’s hydrocarbons minister,
Rene Isekemanga Nkeka, has said.

Congo’s previous hydrocarbons minister, Lambert Mende, in February 2008, said Tullow’s rights to Block I on Lake Albert, which straddles the border with Uganda, had been withdrawn after he identified contract irregularities.

“This affair will be settled for good and will belong to the past,” Isekemanga said yesterday in an interview in Brazzaville, the capital of Congo Republic.

“The government will pronounce itself in the next days and production will begin.”

DR Congo’s President Joseph Kabila and his Ugandan counterpart Yoweri Museveni on March 4 agreed to accelerate the planned joint exploration of oil in the region
, according to Kabila’s roving ambassador Seraphin N’Gwej.

Tullow and Heritage have made oil discoveries on the Ugandan side of the lake. The Buffalo-Giraffe oilfield is the largest onshore oil deposit discovered in sub-Saharan Africa in more than 20 years, Heritage Oil finance chief Paul Atherton said in January.

Tullow has said it may allow an additional partner into an exploration deal in the Democratic Republic of Congo following a government request.

The company may also “substantially” increase the signing bonus to secure the rights to explore in Lake Albert, Tim O’Hanlon, Tullow’s vice president for African business, said in an interview in the Congolese capital, Kinshasa.

“With three capable partners already involved, including the DRC national oil company, we see no need to further complicate matters,” O’Hanlon said. “However, if the government truly wants to see another partner in the venture, Tullow is ready to let someone in.”

The companies envisage a coordinated operation for the Lake Albert, which would require a $2 billion pipeline to pump the oil 800 miles (1,287 kilometers) to the Indian Ocean coast, where it would be shipped to the international market.

Any additional partner brought on board would have to be vetted by Tullow “in the most transparent way to ensure it’s the right partner and to avoid having speculators involved,” O’Hanlon said.

Tullow’s yearlong dispute with the government left Congo lagging behind Uganda in terms of developing its reserves, Isekemanga said.
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Old July 18th, 2009, 11:02 PM   #151
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Interesting
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Old September 9th, 2009, 09:36 PM   #152
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Uganda To Bag shs21 billion Per Day From Oil



Uganda is a filthy rich country capable of earning a staggering shs21bn in crude oil everyday, Red Pepper can today reveal.Intensive investigations we have carried out indicate that if oil to be extracted from Bunyoro region is not siphoned by greedy politicians and high ranking army officers, Uganda can finance its national expenditure without relying on donor support.

Official reports show that we are capable of producing between 100, 000 -150, 000 barrels of crude oil each day for a period of 25 years. Each barrel, on the minimum price, can fetch between US$71-81 (shs142000 -162000), that is if a dollar is at shs2000 exchange rate.On a minimum cost, if for instance a barrel costs shs142000, we can bag shs21.3 billion from the sale of 150, 000 barrels a day!!
In a week (7 days), our research shows, we are able to collect a whooping shs147billion. Remember the ruling NRM used an amazing shs50bn in the 2006 presidential and general elections. As if this is not enough, our accurate computation shows that we can pocket a shocking shs588bn in a month (4 weeks). Therefore, in twelve months that form a year, Uganda can walk home with shs7trillion shillings. Correct calculations by our investigators show that in 25 years, Uganda can possibly get shs175 trillion in oil.

IMPLICATION

This implies that if we can collect shs7 trillion a year, we can fully finance our national budget. For instance, in the 2008/2009 budget, government spent Shs36 billion on NAADS. Since we can get shs21bn a day from oil, then in four days, we can foot the NAADS bill. In the same budget, Finance Minister Syda Bumba said there would be a continuation of the upgrading to tarmac of a total of 322 kilometers of the national road network expected to cost a shs80bn in 2010 on top of shs1 trillion allocated this year. According to the expected oil revenue, it can take us 4 days to raise shs80bn and at least 2-3 months to raise shs1 trillion to construct Soroti-Dokolo-Lira, Kabale-Kisoro-Kyanika and Kampala-Gayaza-Zirobwe highways.

On the same amount, we can rehabilitate a total of 395 kilometres of national roads which include Mbarara-Ntungamo-Kabale-Katuna; Kampala –Mukono and Lira Kamdini highways and more. In her speech at Parliament, Bumba observed that in the Energy sector, emphasis will be placed on the completion of the Bujagali Power Project with the first generation unit of50MegaWatt planned by December 2010 and embark on the construction of the 700 Megawatt Karuma Power Project as soon as the design is completed. Using the Energy Fund, she said, government would fund the Karuma Power Project through a Public-Private Partnership arrangement. She allocated an additional Shs85 billion to the Energy Fund. When we take a glimpse at our oil resources, we shall have the capacity to bankroll such a project with revenue collected within 5 days from the sale of crude oil, leaving other factors constant!!
Remember we bag shs21bn a day if we sell 100, 000 barrels of oil a day. Actually, Bumba said additional wells are expected to be drilled during 2009/2010 in the entire Albertine Graben and exploration drilling is planned to commence in Arua, Nebbi and Kanungu districts

EDUCATION
The government’s major focus under the education sector next financial year is to improve the quality of schooling through the construction, provision of instructional materials and improving inspection. Sanitation in primary schools has been identified as one of the most urgent needs that require replacement of latrines.
Over 90percent of the Shs21.7 billion School Facilities Grant allocation will be spent on latrine construction next financial year in needy primary schools and the balance on teachers’ houses. Can you imagine this amount can be raised in a single day in oil sales?

In fact to increase access and enhance the quality of secondary education, Government secured US Dollars 80 million (shs160bn) and US Dollars 150 million (shs300bn) from the Africa Development Bank and the World Bank respectively. The same amount is set for the provision of instructional materials, construction of 6,200 new classrooms in over 500 schools which are over- enrolled; 2,300 five stance latrines; 405 multi-purpose science rooms and 144 libraries. The projects will also support completion of 1,900 half-built classrooms in another 400 schools, and purchase1.7 million textbooks and 6,300 science kits for both Government and private schools.
According to MOF records, the funding from the African Development Bank will also be used for the expansion of 12 schools, construction of 15 new ones and rehabilitation of 42 traditional secondary schools and two Business Technical Vocational Education Training istitutes. Our investigations show that since Uganda can generate shs588bn in oil within a period of one month, it can take us about two weeks to raise this huge sum of money (which was obtained on a huge interest rate) we borrowed from the banks.

We can also be relieved of the debt burden and the strings attached on such loans, on top of the interest rates. With huge oil resources, government can also intensify school inspection to check on teacher absenteeism and school fires, and continue monitoring the number of children in schools, among others.

And in the near future from 2 to 4 years barrells r to increase to 500,000-1,000,000 barrels per day which will increase earnings to $ 10 billion dollars per day.

READ MORE

http://www.redpepper.ug/details.php?...eddc5ac6dadd64
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Old September 9th, 2009, 10:39 PM   #153
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awesome...so about 3 billion dollars US per year? (correct me if I am wrong on that figure)

doesnt sound bad, if all goes well.
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Old September 9th, 2009, 11:34 PM   #154
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That is good news, meaning Uganda is outpassing Ghana, though there is oil in Ghana, it is only capable of producing about 200,000 barrels of daily oil.
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Old September 18th, 2009, 12:06 PM   #155
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Another huge oil discovery in Uganda

Fresh Tullow find offers promise of new 'oil frontier’ in Africa


Quote:

From The Times
September 18, 2009

Robin Pagnamenta: Energy Editor

*

Tullow Oil announced another huge oil discovery in Uganda yesterday, delivering a fresh boost to the African state’s hopes of becoming a significant oil producer.

The Ngassa-2 well in the Lake Albert region could be the largest oil discovery in Uganda to date, Tullow said. So far, the company has drilled 27 wells in the Lake Albert rift basin, which lies along Uganda’s western border with the Democratic Republic of Congo (DRC), and has discovered oil in 26 of them.

Angus McCoss, exploration director at Tullow, said the discovery of a significant oilfield at Ngassa, which could extend across an area of 150 sq km, might be the biggest of them all and represented a “major achievement”.

He declined to say how much oil it might contain, but analysts believe it could be as high as 600 million barrels. If confirmed, that would nearly double the 700 million barrels that Tullow has already found elsewhere in the Lake Albert basin.


The discoveries promise to transform Uganda into one of Africa’s largest oil producers and may prompt the industrialisation of a now remote corner of the continent.


While the Tullow discoveries are enormous, the cost and complexity of developing them will be equally so.

The crude found around Lake Albert, which lies 250 km north west of Kampala, the capital, is thick and sludgy — so-called heavy oil — and is difficult to transport.

Two options are being considered to make the fields commercially viable.

One involves the construction of a 1,200km pipeline across large areas of swampland to Mombasa on the Kenyan coast, where the oil could be refined for export. However, President Museveni of Uganda has emphasised that he would prefer the oil to be refined within his country to ensure maximum profits. That could mean developing a refinery close to Lake Albert.

Tullow is seeking partners to help it to develop the finds. It is also considering selling down some of its 100 per cent stake in the Ngassa field.

A string of potential partners are eager to muscle in on the discoveries. BP, Royal Dutch Shell, Eni, of Italy, and several state-owned companies from China have expressed interest in the region.

Uganda has never before been a significant oil producer. Glada Lahn, energy researcher at Chatham House, the foreign policy think-tank, said that its Government faced a host of challenges if it wished to ensure that it does not suffer the “oil curse” of conflict and corruption that has affected other African countries such as Nigeria and Angola.

He added: “There is a risk that oil will distort the economy and present challenges to democracy in Uganda. Oil tends to bring with it a boom-bust cycle of development and a sudden flood of foreign currency could make its other exports less competitive.”

After the announcement of the discovery yesterday, the company’s shares rose 4 per cent to £12.38, giving it a valuation of £9.5 billion.

The latest news from Tullow — which started life in the 1980s as a small independent Irish oil explorer — of a fresh discovery in Uganda caps a positive week for the oil company.

On Wednesday, a consortium that includes Tullow announced another big oil discovery off the coast of Sierra Leone. The news captivated the markets, making Tullow easily the biggest riser of the day, the share price leaping 100p to £10.87.

The group, led by Anadarko Petroleum, of the United States, claimed that it potentially opens up a new, 1,100km-wide, multibillion-barrel oil frontier in West Africa.

Tullow’s shares have nearly trebled in price since December when they were trading at less than 450p.

Good news keeps on flowing for accountant turned explorer

For Aidan Heavey, it has been a fabulous run. The Irish accountant who founded Tullow Oil started out as a financial controller for Aer Lingus. In 1981 he joined Tullow Engineering, a small Irish company that had a subsidiary operating fuel tankers called Tullow Oil.

Inspired by the idea that the world was full of oilfields too small to be considered commercial by the multinationals, in 1985 Mr Heavey oversaw a buyout of the business with an ambitious plan to transform it into an independent oil explorer in Africa. He made his first play in Senegal, then the North Sea.

Since then, Mr Heavey, 56, has pulled off a series of shrewd deals that have built Tullow into a FTSE 100 powerhouse with operations in 23 countries on four continents.

Yesterday, Tullow Oil’s market value hit £9.5 billion as investors cheered the news of the discovery of vast new oilfields in two parts of Africa.

The defining deal for Tullow was the acquisition of Australia’s Hardman Resources in 2006, which gave it access to unexplored acreage in a remote corner of Uganda. That deal has turned out to have been spectacularly good value, unlocking a string of huge discoveries that have seen Tullow’s valuation soar.

Uganda is not the only place where Tullow has enjoyed good fortune. The company, now based in a business park in Chiswick, West London, is also enjoying a bonanza off the shores of Ghana and Sierra Leone.

Earlier this week Tullow and partners, Repsol of Spain and Anadarko of the US, announced a find that they said opened up a new oil frontier stretching 1,000km along the West African coast.

Mr Heavey, meanwhile, has watched his wealth soar. Last year he cashed in options which were worth more than £24 million and received a further £3 million in pay and additional compensation. He still retains more than six million shares in the group, worth in excess of £74 million.
http://business.timesonline.co.uk/to...cle6839131.ece
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Old September 18th, 2009, 02:21 PM   #156
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Oil Oil Oil Oil Oil Oil

Africa with all this resources....all this news doesnt even sound like a good news to me.(No offence)
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Old September 18th, 2009, 05:00 PM   #157
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Resources are always good news in spite of the fact that in Africa they usually end up abused by inept and corrupt leaders. What's needed is a new style of leadership, not the dearth of resources.
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Old September 18th, 2009, 06:48 PM   #158
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Oil is a curse and now investing in oil is totally waste of money.

In the comming years solar and windenergy will become as cheap or cheaper then oil. A lot of European countries are investing in eletric cars and Renault wants to become the leader in electric cars..

The future of a good economy lays in agriculture, offshoring, ports, tourisme, manufactering etc.
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Old September 18th, 2009, 07:45 PM   #159
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Oil is a curse and now investing in oil is totally waste of money.

In the comming years solar and windenergy will become as cheap or cheaper then oil. A lot of European countries are investing in eletric cars and Renault wants to become the leader in electric cars..

The future of a good economy lays in agriculture, offshoring, ports, tourisme, manufactering etc.
Bravo....good statement bro.

Instead of Africa should sit their heads down and talk on how to make a huge stable economy within Africa..NO, they keep waiting for the West to come and invest or buy their resources.

Its so annoying that sometimes I think maybe we Africans dont even have brain to think.
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Old September 18th, 2009, 08:00 PM   #160
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Oil is a curse and now investing in oil is totally waste of money.

In the comming years solar and windenergy will become as cheap or cheaper then oil. A lot of European countries are investing in eletric cars and Renault wants to become the leader in electric cars..

The future of a good economy lays in agriculture, offshoring, ports, tourisme, manufactering etc.
In the case of Africa it really not a curse

Moreover, it seems like many American Petroleum companies are really targeting African nations with oil discoveries. I am very certain many African countries have oil or other relevant resources it just depends on how foreign investors are able to fine these resources.
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