INVESTMENTS SET TO TOP EAC PETROLEUM TALKS IN UGANDA

BY GRACE MACHA IN ARUSHA IN

Investments in petroleum resources will top the agenda of the East African Petroleum Conference in May this year.

During the event, slated for the Uganda capital 9th to 11th May, the region will be showcased as a destination of choice for oil and gas investments.

"It is in line with the bloc's broad goal to create wealth through increased production, trade and investment in the oil and gas sector", said the East African Community (EAC) secretary general Peter Mathuki.

The conference will showcase the potential for oil and gas that exists in the region and report on the ongoing activities in exploration,development and production of the two commodities.

The 2023 edition of the conference will run under the theme East Africa as a hub for Investment in Exploration and Exploitation of Petroleum Resources for Sustainable Energy and Socioeconomic Development.

At the East African Petroleum Conference and Exhibition (EAPCE'23), the partner states will discuss how to enable a facilitative environment for the petroleum industry.

Held biennially since 2003, the East African Petroleum Conferences have provided increasing awareness of the potential for petroleum production in the region.

Other crucial issues highlighted in the meetings include technological advancements in exploration, development and production of petroleum resources.

The last nine such conferences have proven "a valuable forum for governments and petroleum industry players from around the world to dialogue", the EAC said yesterday.

During the meeting in Kampala, delegates from the seven member countries in the bloc and beyond will be treated to a series of technical presentations.

EAPCE'23 will take place at a time when the EAC has embarked on a journey to implement the EAC Vision 2050 which, among others, is aimed to develop the energy sector to meet the regional needs at the least cost.

It is anticipated that by 2050, the region’s target is to transform the energy landscape through efficient distribution of petroleum products with sufficient strategic reserves.

Ugandan minister of Energy and Mineral Development Dr. Ruth Nankabirwa Ssentamu has confirmed preparations were in the final stages.

" Uganda prepares to host the 10^th EAPCE' 23.I take this opportunity to welcome our distinguished guests and participants from all the seven EAC partner states", she was quoted saying in a dispatch from the EAC.

Over 1,000 participants, being energy experts, economists and CEOs of oil companies will be updated on latest gains in the sect

Oil and gas exploration in the EAC dates back to the 1930s and so far three to four billion barrels of oil have been discovered onshore.

In Tanzania and Mozambique, a rising oil and power in Africa, more than 200 trillion cubic feet of gas have been discovered offshore.

It is also estimated that four billion barrels of oil have been discovered onshore in Uganda and Kenya.

East Africa and the adjacent neighbourhood is widely touted as one of the emerging hydrocarbon provinces in the 21st century, according to energy experts.

The seven nation bloc has seen major oil discoveries onshore Uganda and Kenya and giant gas accumulations offshore Tanzania and Mozambique.

The oil discoveries in Uganda, in particular, have put the EAC on the oilman's map with the region suddenly becoming one of the hot spots.