Oil and Gas stakeholders from the East African Community partner states held a high-level forum on Monday to discuss oil and gas investment opportunities in the region.
The forum was hosted in Nairobi – Kenya ahead of East African Petroleum and Exhibition Conference 2019 that will be held in the coastal city of Mombasa in May 2019.
It involved regional and international sector players including government representatives.
Kenya’s Ministry of Petroleum and Mining, through the State Department for Petroleum, exuded confidence on the level and intensity of commercial energy use as a key indicator of economic growth and development in the region.
In Kenya for example, The Petroleum Act 2017 is encouraging investments in oil and gas by complying with local content requirements, which include upstream operations, locally manufactured goods and employment opportunities.
Speaking at the forum, Kenya’s Principal Secretary for State Department for Petroleum Mr. Andrew Kamau said that the region should at the Oil and Gas sector wholistically.
“There is a need for upskilling the workforce with the right skill sets as we develop the sector and create job opportunities,” he said.
The East African Petroleum Conference 2019 will seek to provide East Africa’s Oil and Gas industry players to explore opportunities and dialogue to attract local and international investors.
“The government of kenya is looking to develop south Lokichar resources in a phased approach towards oil production. We are currently in the first phase where we have done the economic benefit by looking at the recoverable reserves. The next steps would be to build the pipeline and facilities that will take the oil down to Lamu for export,” Andrew Kamau added.
Immense opportunities lie in the Oil and Gas sector. Kenya has only explored about 10,000 square kilometers out of 85,000 square kilometers of Oil and Gas sedimentary basin.
In the next two years over 200 wells will be drilled.
“Oil and Gas and gas exploration is a profitable business. I encourage everyone to get on board on every aspect its supply chain to make East Africa an Oil and Gas investment region of choice,” said Mr. Martin Heya, Chairperson, Steering Organizing Committee – East African Petroleum Conference and Exhibition 2019
“The opportunity is large and many partners need to come on board to make East Africa the destination of Oil and Gas investments as we continually improve an enabling and facilitative environment for the sector,” Concluded Mr. James Ng’ang’a, Chairperson, National Organizing Committee – East African Petroleum Conference and Exhibition 2019