Economy

xchrom

(108,903 posts)

19. Opinion: Can Kenya avoid Africa's resource curse?

Mon Apr 2, 2012, 09:13 AM

Apr 2012

http://edition.cnn.com/2012/04/02/world/africa/kenya-oil-opinion-alex-vines/index.html?hpt=iaf_t3

CNN) -- Not long ago, attending international oil and gas conferences, East Africa was the graveyard session. All the smart money was on the Gulf of Guinea and I and a few other analysts would sit through almost empty sessions more out of courtesy than curiosity.

No longer, East Africa is the new oil and gas frontier, and the meetings are packed. Three statements released in March by international oil and gas companies prospecting in Eastern Africa demonstrate this - a fourth impressive gas find in Tanzania by BG Group and London-listed Ophir Energy saw their shares soar.

Italian energy company ENI also announced new gas reserves in Mozambique, and Anglo-Irish Tullow Oil, announced an oil discovery in Kenya, that "is beyond our expectations and bodes well for the material programme ahead of us." How times have changed.

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