UK to support growth of East African oil and gas sector

Foreign.office.london.Adrian PingstoneBritish High Commissioner to Kenya, Nic Hailey, spoke on the 4th East Africa oil and gas summit, and also covered a number of other issues and opportunities affecting the region

Speaking the Foreign and Commonwealth Office at the Department of International Trade on 16 November 2016, coinciding with the 4th East Africa oil and gas summit, taking place at the KICC, Nairobi, Kenya, High Commissioner to Kenya Nic Hailey outlined a number of exciting prospects and opportunities which Britain will support to help boost the oil and gas sector in East Africa. 

"The discovery of oil and gas can be a defining moment for nations. Managed well, it can have a transformative impact; boosting economies and fuelling inclusive growth across the board.

"But without the right systems in place, a sudden boom in the extractives sector can have debilitating effects, including distorting economies and fostering conflict and insecurity.

"East Africa has now secured its position as a big player for hydrocarbon exploration on the world stage. Major gas reserves in Tanzania and Mozambique. Substantial deposits of crude oil in Uganda and Kenya. The opportunities are huge. Now is the time to look to the hard lessons learned elsewhere and ensure the benefits are widely felt."

Hailey discussed Britain's placement in the global market which is set to benefit the East African oil and gas sector. "The marine and subsea market alone is worth roughly $25 billion worldwide, with the UK accounting for almost half of that. British companies are also leading on wider oil-related infrastructure. 70% of current subsea infrastructure design is engineered in Scotland. And our firms are leading in consultancy and finance as well as construction." 

The full speech can be accessed here on the gov.uk website.

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