Tanzania hopes to attract investors at EA oil forum

 

Deputy minister for Energy Stephen Byabato. PHOTO | FILE

By Alex Nelson Malanga

Business journalist

Summary

·         The 10th East African Petroleum Conference and Exhibitions to be held in Uganda from May 9-11 this year will bring together over 3,000 participants from all over the world

Dar es Salaam. The government expects stakeholders from the public and private sectors will use the

upcoming 10th East African Petroleum Conference and Exhibitions to forge partnerships and seal business deals with investors from across the globe.

Deputy minister for Energy Stephen Byabato said yesterday that the conference to be held in Uganda from May 9-11 this year provides an excellent forum for participants to exchange ideas and information about the region’s recent developments on oil and gas.

The event that will bring together over 3,000 participants from all over the world, he added, is a platform for learning about new investment opportunities, technology and sharing lessons learnt.

 “It is our hope that, through these conferences, more investors will come and invest in our region,” said Mr Byabato during a breakfast meeting for the upcoming Conference and Exhibitions.

He said the economy of Tanzania and those of other East Africa countries are growing, and more energy will be need. This calls for a rethink on ways to obtain more energy sources.

The upcoming event could turn out to be a useful platform to promote more investment in exploration activities, which would facilitate the discovery of more petroleum resources to diversify energy supply that is needed for socioeconomic transformation in the region.

More discoveries, he further explained, will allow development of the oil and resources and will contribute to public revenues, industrial growth and wellbeing of Tanzanians.

“The oil and gas provides assurance for energy security in the country as well as the East Africa region,” asserted Mr Byabato. Despite the benefits of using natural gas, there is increasing pressure from environmentalists to transition from fossil fuels including hydrocarbons to renewable energy. This has forced many financiers to start freezing funding, which has constrained the implementation of hydrocarbon projects worldwide.

“Tanzania is part of the world and we are not immune to this new energy trend. We should start early preparations and seriously consider how we can integrate renewable energy sources so as to be able to manage the transition,” he cautioned.

Tanzania Petroleum Development Corporation (TPDC) director general James Mataragio said the May conference is coming at the right time.

“We need to use the platform attract more private sector involvement in the planned liquefied natural gas (LNG) project in Lindi Region and the ongoing construction of the East African Crude Oil Pipeline (EACOP),” said Dr Mataragio.

Tanzania has discovered 57.54 trillion cubic feet of natural gas. in offshore and onshore fields.