East Africa: Huge oil, gas deposits wait for investors

President Jakaya Kikwete yesterday called on investors to make full utilization of huge but untapped oil and gas potentials in the East African region.

Addressing the third East African Petroleum Conference here, President Kikwete advised them to invest in the petroleum services sector in order to seize the existing vast potentials.
He said East Africa was not only a source of gas and oil resources, but also provided potential markets for petroleum and related products.

Oil consumption in East Africa stands at over 32 million barrels per year, while demand for petroleum in the world market is above 82.5 million barrels per day, which is growing at the rate of 1.3 percent.

`Increased demand and prices in the world market provide an opportunity for East Africa to benefit from its potentials,` President Kikwete said.

He appealed to investors to be innovative by charting out cost-effective strategies in the utilization of oil resources.

`It is high time that companies that have signed agreements our governments, which are licensed to explore these resources, became serious and fulfilled their commitments,` said Kikwete.

IPP Media