Out-Law.com: East Africa Becoming "Investment Hotspot for Oil and Gas", Says Report

The ‘East African Oil & Gas Market 2015-2025’ report by UK-based business intelligence firm Visiongain said the region could see capital expenditure (capex) of $4.19 billion in 2015 alone, including spending on both upstream exploration and development and midstream infrastructure.

“East Africa covers a territory roughly six times the size of the North Sea but fewer than 600 wells have been drilled in the region to date,” the report said.

Reserve estimates have “increased rapidly” with the discovery of both oil and gas deposits in the region over the past five years, the report said. However, “only a small percentage of the region has been properly explored”.

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