There are at least 41 billion untapped barrels of crude oil in sub-Saharan Africa, the U.S. Geological Survey estimated two years ago. During the downturn, oil companies bought licenses there and waited for the price environment to improve to advance their drilling plans. Independents such as Tullow Oil and Kosmos Oil expanded on the continent alongside supermajors such as BP. Now, these drilling plans are gathering pace. Uganda is one of the hot spots. A newcomer on the oil scene, the landlocked country has welcomed Tullow Oil, CNOOC, and Total in its oil-rich regions. The country’s government sees investments of US$15-20 billion made into its oil industry during the next three to four years and plans to build a pipeline to the Tanzanian coast and a refinery to jumpstart an oil industry, even though no oil is being produced in Uganda yet. Senegal is another focus of attention. The […]