The promise of East African oil and gas is continuing to grow and will add value to the region, an upstream oil expert believes.
Dr Duncan Clarke, Chairman of Global Pacific & Partners thinks both onshore and offshore oil in the 15 countries of the region including Kenya, Somalia and regional oil giant Uganda are attracting enormous attention.
He suggested firms flocking to the area will boost its economy. Foreign state-owned companies like CNOOC and PTTEP have invested in Eastern Africa while global firms like France’s Total, US firms Exxon Mobil and Chevron, British oil major BP and Anglo-Dutch Shell are interested in the region, which also counts Tanzania, Madagascar and Rwanda.
Speaking ahead of his firm’s oil conference in Nairobi, Dr Clarke said: “The new discoveries will add substantial net wealth to the Eastern Africa’s littoral (coastal) states where they are located, and induce higher economic growth rates and regional development.”