Is East Africa the continent’s next petroleum province?
Uganda Ministry of Finance Permanent Secretary Ramathan Ggoobi (left) inspects KingFisher oilfield during a tour of the oil facilities in the Albertine Graben in early April 2022. PHOTO / MONITOR
The region is slowly morphing into the new ‘Middle East’ in regard to oil and gas. But this will entirely depend on how well East Africa can diversify her economies on the back of the resources.
South Sudan, Kenya and Uganda hold the region’s 10.8 billion barrels, with more barrels expected during exploration of new blocks, according to a report from Institute of Economic Affairs in Kenya.
Uganda is currently at close watch from global and regional financiers but of course taking keen observation at the wider region.
By the end of 2021, over $3.8billion had been invested in Uganda’s oil sector, and about $15billion is expected to be invested in the next five years.
