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Uganda Signs Development Deal with Major Oil Companies

After years of negotiations, the Uganda government has finally signed a deal with three major oil companies for development of its petroleum reserves. On Thursday Uganda’s Ministry of Energy announced that it had signed a memorandum of understanding with the U.K.’s Tullow Oil, France’s Total and China’s Cnooc, paving the way for the development of the oil reserves recently discovered in western Uganda. The government had been in talks with the oil majors for years, but until this week...

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