HOIMA, Uganda, May 10 (Reuters) – Before the discovery of large amounts of oil in Lake Albert, Hoima was a forlorn and remote town in Western Uganda, whose main sources of income were farming and the trickle of tourists heading to nearby national parks.
A decade later, an oil-fuelled boom is transforming the town nearest the lake, with smart new office blocks and hotels drawing scores of new businesses and people from engineers to prostitutes to bankers.
But with the east African nation yet to pump a single drop of oil, this rapid development may be premature. Oil executives say production will start in 2018 at the earliest.
"Everybody in the country and the region is looking at Hoima," said Betty Tibesigwa, manager of Rosaline Suites, a new hotel and office complex that is home to Chinese oil company CNOOC's operations in Uganda.
"People from all over the world will be visiting Hoima," she told Reuters enthusiastically. "We're coming in to offer services at the standard one would expect of a town with such promising and booming business."
CNOOC, Britain's Tullow Oil and France's Total are among companies exploring for oil beneath Lake Albert, a pristine body of water in the heart of the Rift Valley estimated to contain crude reserves of 6.5 billion barrels.
The discovery of oil there about 10 years ago unleashed dreams of an economic windfall that would lift Uganda's 38 million people out of poverty but development has proceeded at a snail's pace, stymied by spats over planning and taxes.
View Full Article
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you