Why is Collaboration Key to Bring More Hydrocarbon/Energy Projects to Life in East Africa?

There is a clamor by developed countries to reduce carbon emissions and curb global warming by ending fossil fuels.

This rush to move away from fossil fuels has caused certain international commercial banks to refuse to fund the development of oil and gas projects and shift the budget to renewable energy projects like solar and wind.

Due to the economic recovery efforts and increased population, East Africa has recently registered significant demand growth for energy, which can not be met by solar and wind alone.. Without new investment and sufficient funding for hydrocarbon project development, we will not build abundant God-given oil and gas resources.

Collaboration is key to developing hydrocarbon projects in Africa, especially at these crucial times when the first world talks about energy transitions and are refusing to finance fossil fuel projects.

 

Africa must join forces and pull resources to develop fossil fuel projects using home-grown capital. Because those who give us money

Otherwise, we will leave billions of cubic feet of natural gas and barrels of oil in the ground.

Our industry is capital intensive. Tanzania or Uganda alone can’t do it. We need to join forces within the continent.

Imagine if four to five countries, such as Uganda, Tanzania, Kenya, Sudan, Rwanda, Ghana, and Nigeria, come together and plan for an East African crude oil pipeline project. We will resolve all three challenges caused by the energy transition in East Africa: financing, technology, and expertise.

We don’t have our financing mechanism and are not perfect in technology. But if we secure our means of funding, we can bring more energy projects to life and then we can begin to discuss energy transition.

It’s not faster alone; it’s better together.