From Commodity Online:

East Africa is emerging as the next oil boom following a big strike in Uganda's Lake Albert Basin. Other oil and natural gas reserves have been found in Tanzania and Mozambique and exploration is under way in Ethiopia and even war-torn Somalia.

The region, until recently largely ignored by the energy industry, is "the last real high-potential area in the world that hasn't been fully explored," says Richard Schmitt, chief executive officer of Dubai's Black Marlin Energy, which is prospecting in East Africa.

The discovery at Lake Albert, in the center of Africa between Uganda and the Democratic Republic of Congo, is estimated to contain the equivalent of...

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