East Africa is World Newest Oil & Gas Hotspot, Claims Visiongain29 May 2013 • by Natalie Aster
East Africa is the world's newest oil and gas hotspot. After being neglected for decades the region is now among the fastest growing oil and gas markets in the world. Following the first oil discovery in Uganda in 2006 and gas discovery's along the Mozambique and Tanzanian coast the region has attracted interest from an increasing number of international oil and gas companies. Offshore exploration has increased exponentially and over the last five years East Africa has developed from a frontier region to becoming a possible game changer in the global gas market.
According to the report “The East African Oil & Gas Market 2013-2023” by Visiongain, East Africa covers a territory roughly six times the size of the North Sea but yet less than 500 wells have been drilled in the region to date. The reserve estimates in the region have increased rapidly over the past few years and yet only a small percentage of the region has been properly explored. The market has changed too, as oil majors increasingly drive out smaller companies indicating the industry's confidence in East Africa's immense potential.
The East African Oil & Gas Market 2013-2023
Published: May, 2013
Price: US$ 2,738.00
Deepwater gas for large-scale LNG export terminals has become the biggest story in East Africa and attracted worldwide attention. Onshore, commercial oil production will start within the next few years and several oil and gas infrastructure projects are under development bringing billions of dollars of investment to the region. With its wealth of oil and gas reserves and vast future potential East Africa will be the industry's hotspot for the next decade.
Visiongain has determined that the value of the East African oil & gas market in 2013 will reach $3.9bn.
More information can be found in the report “The East African Oil & Gas Market 2013-2023” by Visiongain.
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