Uganda has in the last five years seen earnings from oil and related activities grow substantially. Yet the country is yet to sell a single drop of oil.
In fact, commercial oil production, government has indicated, can only be expected in the fourth quarter of 2025.
But heightened activity ahead of first oil since government and joint venture partners signed the final investment decision in February 2022, has seen Uganda rake in huge earnings in form of tax and non-tax revenues.
Government first announced the discovery of commercial oil reserves about 18 years ago.
However, over the years, production has been rolled over into several unrealised timelines.
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