BriefingAfrica

Museveni’s Oil Victory a Loss for Uganda

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KAMPALA, Uganda — With an estimated 2 billion barrels of oil sitting beneath its Lake Albert, Uganda boasts the largest reserves among a number of African countries whose recent discoveries of petroleum have swelled the ranks of the continent’s oil-possessing states. But it took a recently signed agreement resolving a tax dispute between the government of President Yoweri Museveni on one side and two companies — Tullow Oil and its former partner, Heritage Oil — on the other to open the door for an estimated $10 billion of investment in the country. By the terms of the agreement, announced Feb. […]

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