New East Africa oil discoveries offers the region hope for a better life.
In Uganda and Kenya substantial and hopeful oil reserves have been discovered over the last couple of years. Aspects such as infrastructure challenges, political issues and special interests must be overcome before the countries can benefit from such discoveries.
It has been confirmed that over the last 2 years or so reserves of 1.7 billion barrels of crude oil buried near the shores of Lake Albert in Uganda. Across Uganda’s border to the north, discoveries amounting to an estimation of 300 million barrels in Kenya has too been confirmed.
Tullow’s success has attracted key producers across the world, including France’s Total, China National Offshore Oil Corporation (NCOOC), Exxon and Chevron. More major oil interests are expected soon, including Brazil.
Currently every potential hydrocarbon basin across East Africa is the subject of intense interest. Increased hydrocarbons have been discovered in East Africa in the last two years than anywhere else in the world. Natural gas has been also discovered offshore, but public attention in these countries has focused on the potentially faster returns from pulling East Africa’s oil out of the ground first.
For East Africa the arrival of the international oil and gas industry offers hope for a better life for millions.