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East Africa’s oil and gas discoveries to kick-start economic transformation

East Africa’s oil and gas discoveries to kick-start economic transformation

East Africa’s oil and gas discoveries are set to fundamentally transform the economies of the region as the fuel resources usher in new investment in road, rail, power and industrial infrastructure, South Africa’s Standard Bank said this week.

Experts said recent oil and gas discoveries in Uganda, Kenya, South Sudan, Ethiopia, Tanzania and Mozambique have prompted are among the most prolific oil and gas exploration regions in the world over the last 10 years,

London-based Simon Ashby-Rudd, global head of oil and gas at Standard Bank, Africa, said these discoveries will establish the region as a major hydrocarbon province in the decades to come, and therefore drive wider economic growth throughout East Africa.

“Over and above the traditional oil and gas regions in Africa, notably West Africa, East Africa has essentially been a forgotten desert in terms of upstream oil and gas exploration over the last 40 years,” Ashby-Rudd said.

Photo: An oil rig in Uganda near Lake Albert. Credit; In2eastafrica.net

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