DEUS NGOWI in Arusha
AS
East African countries boast of having the fastest growing economies in
the continent, the block is putting more efforts together in the
petroleum sector, targeting discovery of new technological trends and
development in the oil and gas industry.
Under
the auspices of the East Africa Petroleum Conference & Exhibition
(EAPCE), so far eight exhibitions have been held and now the ninth one
is set to take place in the near future, with more intensity to tap from
the sector and buoy the bloc's economic superiority.
While
EACPE highlights that this time the focus will be on oil, gas,
petrochemisry as well as offshore, the Head of Corporate Communication
at the East African Community (EAC) Secretariat, Mr Owora Othieno says
the event is set to be held in Bujumbura, Burundi.
The
event is expected to offer time and space for exhibitors to showcase
their innovative petroleum equipment at EAPCE and discover new
technological trends and developments in the oil and gas industry in
East Africa and all over the world.
It
also targets studies on the transformation of petroleum and natural gas
into useful products or raw materials, as petrochemicals have become an
essential part of the chemical industry nowadays.
Recent
discoveries of oil in some of EAC member countries and existence of oil
industry in South Sudan has placed the block as one of the world's most
promising frontier for petroleum exploration and development.
Private
and public sectors are to be included in the event so that stakeholders
could meet key local and global buyers in the oil and gas industry as
well as generate new sales leads.
Mr
Pierre Barampanze from EAPCE'17 Organising Committee was quoted as
saying that given the importance of energy in realising the EAC vision,
the partner states have to cooperate in joint exploration and
development of energy resources found within the community and to
promote investment within the sector.
The
EAC partner states seek to promote exploitation of both renewable and
non-renewable energy sources in the most optimal way for the mutual
benefit of East Africans.
The
main objective of the conference and exhibition is to promote
investment in the oil and gas sector by demonstrating to the world the
potential that lies within the region and sharing information on the
status of development of the sector in each partner state.
The
conference offers a wide range of technical presentations reflecting
developments in the oil and gas industry in East Africa and around the
world.
It
provides a forum for discussing the legal and policy framework and the
overall business environment prevailing in the region and gives
stakeholders in the oil and gas sector an opportunity to interact with
EAC senior government officials and decision makers.
It
integrates field excursions to selected sites in each partner state for
delegates to see the rich geological variety that the region possesses
as well as the tourism attractions that the region is endowed with.
As
of 2017, EAC partner states were spending over 10 per cent of their
Gross Domestic Product to import refined petroleum products.
A
report by the United Nations Conference on Trade and Development
(UNCTAD) made available by the East African Business Council (EABC)
recently showed that the region received 7.6 billion US dollars in
Foreign Direct Investments (FDIs) last year.
The
GDP growth of the countries is supported by ongoing reforms and
improvement in commodity prices that has driven up export revenues.
Much
of the region is reliant on agricultural crops and commodities for
export earnings, but continued economic brightness looks assured.
The
combined effects of further export diversification, improvements in
infrastructure, industrialisation, major oil discoveries, and the
potential for significant growth in commercial services, look set to
boost their economies.
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