More than 1,000 delegates gathered in the Ugandan capital of Kampala to attend the 10th East African Petroleum Conference and Exhibition 2023, the East African Community (EAC), a regional bloc, said in a statement Wednesday.
According to the statement, the three-day event was opened Tuesday by Ugandan Vice President Jessica Alupo, who said that the global push for energy transition is coming at a time when the East African region has established significant petroleum projects that can greatly contribute to the economies of the region.
Alupo, who represented Ugandan President Yoweri Museveni, said in order to utilize these resources and those that might be discovered in the future, the EAC had developed a regional strategy for refineries development in 2008.
“The strategy addresses the development of refineries and other infrastructure required to enhance storage and distribution of petroleum products in the region,” she said, noting that the biannual event was one way of promoting the petroleum potential and investment opportunities in the oil and gas sector in the region.
“Currently there are only 37 international oil and gas companies licensed to carry out petroleum prospecting in the region. I, therefore, urge local and international companies to take advantage of the opportunities in the sector,” she said.
Peter Mathuki, the EAC secretary general, said despite the effects of fluctuating global oil prices, the economies in the region have been able to withstand the shocks, adding that their continued growth is a testimony to the resilience of the regional economy. “This stability offers long-term prospects for returns on investments to potential investors, irrespective of any headwinds the global economy may encounter,” he said.
The EAC has its headquarters in Arusha, northern Tanzania. Enditem