M a r k e t N e w s

UK oil firms keen to expand in East Africa

Posted on : Thursday , 28th August 2014

 Based on a survey conducted by the Bank of Scotland, UK oil and gas companies are keen on expanding international operations with East Africa emerging as a prime area

The survey was conducted across 100 UK-based oil and gas firms and the report stated that international income will amount to 44 per cent of the annual turnover of these firms. 
Of the 100 companies surveyed, 64 cited overseas expansion as their top priority. East Africa was the primary target area for 21 firms and Kenya, Tanzania & Uganda were the preferred destination for 18 companies, the survey revealed.

According to reports, several British firms are exploring sites in East Africa for oil and gas exploration.

The Wall Street Journal recently reported that the UK's Genel Energy with White Rose Energy ventures acquired a 15 per cent working interest in Blocks 38 and 39 offshore Angola, in the Kwanza basin. The targeted area is 14,000 sq km, with water depths of up to 2,500 metres.

"This transaction provides a rare opportunity to enter into a low risk, multi-billion barrel resource play. It fits with our stated strategy of securing high quality exploration opportunities targeting very material resources, and further enhances the opportunity to add significant shareholder value through the drill bit in East Africa,” Tony Hayward, CEO of Genel Energy said.

Source : www.oilreviewafrica.com
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