Uganda May Not Produce Oil Until 2025 – World Bank

Uganda’s dream to be an oil-producing country may not be realized until 2025, the World Bank has said.In its Economic Update report, the bank says “the sharp decline in world oil prices resulting from the COVID-19 crisis could delay oil sector investments in the medium term and oil production beyond 2025” even when the private sector remains optimistic about oil production in Uganda.This will bring the wait to have the first oil to more than nineteen years after the country discovered the hydrocarbons in 2006.“Given the significant fall in oil prices to date and the projection that they will remain…