Africa

East Africa’s energy future shines bright – investors are watching

Published

on

East Africa’s energy future shines bright – investors are watching

Regional investments have reignited global appetite for East Africa, and this is reflected in the rising numbers of delegates applying to attend AOW

JOHANNESBURG, South Africa, September 6, 2021/APO Group/ —

The eyes of international oil and gas investors are becoming increasingly fixed on Africa as an area of development, and on the East Africa region in particular – with good reason.

“It’s no secret that the East African oil and gas sector has recently benefited from substantial FDI,” says Paul Sinclair, Vice President of Energy at Africa Oil Week (AOW). “These regional investments have reignited global appetite for East Africa, and this is reflected in the rising numbers of delegates applying to attend AOW to meet and do business with East African stakeholders.”

Indeed, a total of eight East African countries – Kenya, Uganda, Ethiopia, Somalia, Rwanda, Djibouti, Eritrea and Burundi – will all have high-level ministerial and NOC representation at AOW in November 2021. This incredible cohort demonstrates the region’s support for AOW’s temporary move to Dubai as a safety precaution. AOW has already committed to being back home in Cape Town, South Africa, from 2022.

The list of regional energy authorities and NOCs attending the event is extensive, and includes AREEN, SIHD, EPRA, EWURA and UNOC. The following ministers have also confirmed their attendance:

Hon. Yonis Ali Guedi: Minister of Energy and Natural Resources, Djibouti
Hon. Dr Koang Tutlam: State Minister of Petroleum and Natural Gas, Ethiopia
Hon. Charles Keter: Cabinet Secretary for Energy, Kenya
Hon. John Munyes: Cabinet Secretary for Petroleum and Mining, Kenya
Hon. Francis Gatare: CEO of the Rwanda Mines, Petroleum & Gas Board
Hon. Abdirashid Mohamed Ahmed: Minister of Petroleum and Mineral Resources, Somalia
Hon. Ruth Nankabirwa: Minister of Energy and Mineral Development, Uganda

“CEOs and board-level executives are also participating from TotalEnergies, PGS, TGS, Tullow, Africa Oil Corp, Equinor, Eni and more,” says Chris Hall, AOW’s Group Event Director. “Their presence makes it clear why important figures such as Dr Estêvão Pale, Chairman and CEO of ENH, are attending AOW to promote oil and gas projects in Mozambique.”

Much of this interest has been spurred by the East African Community’s development of a strategy to facilitate the efficient and reliable delivery of oil products in the region. The strategy recommends developing a new refinery in Uganda; accelerating a planned upgrade of the Mombasa refinery in Kenya; and improving handling, transportation, storage and distribution facilities across the region.

Investors are also observing important discoveries made in Uganda, Kenya and Tanzania, which are expected to enhance East Africa’s potential to achieve energy self-sufficiency. Feasibility studies are under way for the construction of new crude oil pipelines in Uganda, for example, and contractors are being mobilised to extend existing oil product pipelines from Kenya to Uganda and Rwanda.

According to data and analytics firm GlobalData, the recent green light for the East African Oil Pipeline means that Uganda is set to produce its first oil as early as 2025, with production expected to jump in the next five years to 230,000 barrels per day, from zero in 2021.

GlobalData oil and gas analyst Conor Ward says: “The Lake Albert oil development in Uganda will be one of the largest oil developments we have seen in Africa in the last 20 years, expecting to recover almost 1.5 billion barrels of oil. The Tilenga and Kingfisher fields (part of the Lake Albert development) will bring significant value to the government of Uganda, and the two fields alone could generate up to US$8 billion in fiscal revenues.”

These projects will contribute to planned expansions in other East Africa Community partner states, as well as other countries that rely on the region for petroleum imports.

Although East African countries are reliant on oil for their energy needs, the region is also beginning to look towards renewable energy as a viable path. Kenya, for example, is among five countries driving the current African solar energy market. Hydro and wind have also been prioritised.

To maximise these opportunities – as well as those still on the horizon – East African nations must harmonise their respective regulations to make sure the region is seen for the scalable investment destination that it is. Once this is done, the region’s potential will open up even more. All of these issues and more will undoubtedly be discussed at AOW.

Short Link: https://wp.me/pcj2iU-3C2l

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Pharmaceutical company reasserts commitment to achieving zero malaria tolerance 77 teachers smile home with laptops in Surulere, Lagos Defection: President Buhari welcomes Femi Fani-Kayode to APC Lack of fice hinders women participation in politics – Emir 85, 265MT of LPG supplied nationwide in August – PPPRA African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet DPR seals 11 illegal gas plants, 2 petrol stations in Abuja Africa faces 470m COVID-19 vaccine shortfall in 2021 – WHO Wada Maida’s daughter lauds FG for naming HQ after father Somali president withdraws PM’s powers in escalating row China fully vaccinates more than 1 billion people Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) Highly Satisfied with Final Results from 2020 Bid Round Alert raised over quake surge around Canaries volcano Our chairman is hale, hearty – EFCC Putin to attend 2022 Beijing Olympics: minister In Dialogue with Eswatini, Committee on the Rights of the Child welcomes legislative progress and asks about child Health West Africa bloc ECOWAS meets over Guinea coup Meet Africa’s New Generation of Health Innovators Kenyans voice fury over fuel price hike Coronavirus: Africa faces 470 million COVID-19 vaccine shortfall in 2021 The International Organization for Migration is calling on Journalists to enter the inaugural West and Central Africa Migration Journalism Award 2021 Majority of fans favour more frequent men’s FIFA World Cups – global survey Short Stories on Sustainable Development Goals (SDGs) by African Young People AMISOM conducts field inspection of ongoing Quick Impact Projects in Baidoa UNESCO steps up efforts for biodiversity conservation with the designation of 20 new biosphere reserves International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US$1.2bn The Gambia Launches Ambitious Renewable Energy Projects (By Miguel Artacho) Biden backs top general on calls to China over Trump mental state Philippines’ Duterte will not cooperate with ICC drug war probe Pandemics: UK expert advises Nigerian leaders, others on collaborations At least 50 killed in Yemen clashes: military sources Ghana launches National Breastfeeding Week White House offers Nicki Minaj phone call after viral vaccine claims: reports New South Sudan Parliament can ‘infuse urgency’ into peace process Putin says dozens in Kremlin inner circle have Covid ‘Kill them’: Philippines’ Duterte wages war on drugs Indian peacekeepers in Malakal teach youth carpentry, welding, masonry and more Hapag-Lloyd inaugurates its own representation in Morocco Ugo Obasi joins Ingenico to drive new business in Nigeria and West Africa President of Egypt Receives Credentials of Qatari Ambassador United Nations Police (UNPOL) builds community policing capacities to bolster safety and security of residents on Tonj south Liquid Intelligent Technologies connects the Democratic Republic of Congo and Congo Brazzaville with high-speed connectivity using wireless optical communication technology Secretary-General of Ministry of Foreign Affairs Meets the Ethiopian Ambassador Envoy fears heightened abductions as Nigeria schools resume ECOWAS meets today to decide next step on Guinea DPR targets N3.2 trillion revenue by December 2021 I have no apologies saying Buhari has good heart – Umahi Nigeria to assist DR Congo to establish national fire service Chimamanda tasks German Chancellor Merkel on power deal FG says 25 % of diseases in Nigeria caused by mycotoxins – Minister