UK looks to increase investment in East African oil and gas

UK looks to increase investment in East African oil and gasThe UK is looking to increase its investment in the East African oil and gas sector. (Image source: cclark395/Flickr)The UK is looking to increase its investment in the East African oil and gas sector, according to Mark Simmonds, member of the UK parliament and minister for Africa at the UK Foreign & Commonwealth Office

Simmonds called upon UK-based companies to strengthen their commitment to East Africa on the first day of the East Africa Oil & Gas Summit (EAOG), which takes place from 10-12 June 2014 in London, UK.

“There is much more we can do in the UK to serve the East African market… the UK’s offer to East Africa is about building genuine partnerships,” he said.

Simmonds also emphasised that the values of accountability and transparency in business relationships between the UK and East Africa are vital for progress.

The UK is increasing its presence in countries including Tanzania, Uganda and Mozambique, of which it is the sixth largest global investor, he added.

“Mozambique is one of the most dynamic markets in East Africa… now is the right time for British companies to invest in Mozambique,” Simmonds said.

According to resource assessment director of Mozambique’s National Petroleum Institute (NPI), José Branquinho, the country’s new Petroleum Law is awaiting approval and should be passed by the end of June in time for upcoming licensing rounds.

The country is seeking to promote exploration in its offshore areas 4, 5 and 6 and its natural gas resources in the Rovuma Basin, where 12 gas discoveries have been made.

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