A new report on oil extraction and associated problems has come to my attention. Called ‘Contracts Curse: Uganda’s oil agreements place profit before people’ it’s a great piece of work and thoroughly recommended to all with concern on exploitation of developing countries.
How much exploitation? Well, let’s start with Tullow Oil’s expected 35% rate of return and move on from there to things like most of the risk being left with Uganda. The title of the report is, in this context, well chosen.
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Thanks will read. I think it has been recognised (by some) that the discovery of oil is a mixed blessing for any country not just developing ones.
I wonder what the effects of drilling for oil will be on The Falklands. Did anyone heard the interview re this on Today this morning (about 0640). It is jaw dropping and highly recommended. Could the report that we have about 6 years worth of oil be connected to re-start of the drilling in the Falklands
http://www.ft.com/cms/s/0/739da068-20e4-11df-b920-00144feab49a.html