East African Community partner states met in Nairobi on Monday for a high-level stakeholder Oil and Gas forum ahead of East African Petroleum and Exhibition Conference 2019 that will be held next month. Leaders from across the region and international sector players held dialogue on oil and gas investment opportunities by demonstrating status on the development of sector.
Kenya’s State Department for Petroleum, under the ministry of Petroleum and Mining exuded confidence on the level and intensity of commercial energy use as a key indicator of economic growth and development in the region.
In Kenya for example, the Petroleum Act 2017 is encouraging investments in oil and gas by complying with local content requirements, which include upstream operations, locally manufactured goods and employment opportunities.
Speaking at the forum, Petroleum Principal Secretary Andrew Kamau said, “We ought to look at the Oil and Gas sector wholistically. There is need for upskilling the workforce with the right skillsets as we develop the sector and create job opportunities. The East African Petroleum Conference 2019 will seek to provide East Africa’s Oil and Gas industry players to explore on opportunities and dialogue to attract local and international investors.”
In the next two years, over 200 wells will be drilled.
“The government is looking to develop south Lokichar resources in a phased approach towards oil production. We are currently in the first phase where we have done the economic benefit by looking at the recoverable reserves. The next steps would be to build the pipeline and facilities that will take the oil down to Lamu for export,” Kamau added.
Immense opportunities lie in the Oil and Gas sector. Kenya has only explored about 10,000 square kilometres out of 85,000 square kilometres of Oil and Gas sedimentary basin.
“Oil and Gas and gas exploration is a profitable business. I encourage everyone to get on board on every aspect its supply chain to make East Africa an Oil and Gas investment region of choice,” said Martin Heya, Chairperson, Steering Organising Committee – East African Petroleum Conference and Exhibition 2019.
“The opportunity is large and many partners need to come on board to make East Africa the destination of Oil and Gas investments as we continually improve an enabling and facilitative environment for the sector,” concluded James Ng’ang’a, Chairperson, National Organising Committee – East African Petroleum Conference and Exhibition 2019.