Investment in Oil and Gas
In Burundi, recent seismic and magnetic surveys have indicated that there may be oil under Lake Tanganyika and the Rusizi river plam.
Kenya’s petroleum potential lies in four largish sedimentary basins: Anza, Mandera, Tertiary Rift and Lamu.
In Rwanda, there is hydrocarbon potential existing in North Western Rwanda and deep under Lake Kivu.
In Tanzania, significant gas discoveries have been made on the coastal shores of Songo Songo Island and Mnazi Bay, and commercial exploitation for power generation began in July 2004. Petroleum seismic coverage in the public domain is approximately 52,000 kms, 52% offshore and 48% onshore, including the interior rift basins.
In Uganda, a number of mining companies have taken up licenses in the mining sector. Oil was finally discovered in Western Uganda in 2006 after 17 years of exploration. This discovery is set to boost the country’s economy significantly.
The EAC organises the East African Petroleum Conference after every two years. The last one was held in February 2015. Among resolutions made include the need to develop the Partner States’ petroleum potential by harmonising policies and legal and fiscal regimes pertaining to petroleum exploration.