Kampala — Investors seeking for the latest developments in the East African oil and gas sector cannot afford to miss the 7th East African Petroleum Conference and Exhibition (EAPCE'15).
Between March 4 and 6 at the Kigali Serena Hotel in Rwanda, business people will rub shoulders with senior government officials and talk shop in a sector currently beset by some uncertainity. This is because prices on the international market for crude oil have fallen sharply in recent months.
However the organisers, ( the East African Community Secretariat and the EAC Partner States) are not deterred.
This year's theme is 'East Africa Region - Proven Destination for Investment in Petroleum Resources for Regional Energy Efficiency and Lasting Socio-Economic Development'
According to the organisers high profile personalities expected at the Conference include the Minister of EAC Affairs of the Republic of Rwanda, Amb. Valentine Rugwabiza; EAC Secretary General Amb. Dr. Richard Sezibera; Ministers of Energy from the Partner States; Chief Executive Officers of petroleum parastatals of the Partner States; and key players in the petroleum industry.
The seventh biennial Conference and Exhibition is expected to further promote the region's oil and gas potential and investment opportunities. The EAC Secretariat notes the last six Conferences had proved to be a useful forum for governments and industry players from around the world to dialogue.
Jesca Eriyo, the EAC Deputy Secretary General in charge of Productive and Social Sectors said, the conferences have provided increasing awareness of the potential for petroleum development in the region and other important developments in the petroleum sector including technological advancements in exploration, development and production.
"That is why petroleum sector players from all over the world converge in East Africa every two years," she said in a statement.
The conferences bring together participants from international oil companies, oil industry service companies, government institutions, academic institutions, international geoscientific journals, non-oil and gas institutions and the media.
Delegates can expect a wide range of high quality technical presentations reflecting developments in the oil and gas industry in East Africa and around the world. The Conference shall provide a forum for discussing the legal and policy framework and the overall business environment prevailing in the region.
EAPCE'15 has integrated into its programme field excursions to selected sites in each Partner State for delegates to see the rich geological variety that the region possesses as well as the touristic attractions that the region is well known for.
At the exhibition to be held on the sidelines of the conference, the EAC Secretariat will educate the public on the recently signed EAC Monetary Union Protocol and other regional integration initiatives.
The conference is taking place at a time when the EAC Partner States seek to promote exploitation of both renewable and non-renewable energy sources in the most optimal way for the mutual benefit of East Africans.
Meanwhile, oil prices are slipping again amid fresh concerns of a global oversupply. Last week, Brent crude, the international benchmark, dipped 5 percent, to below $59 a barrel, Thursday after reports of growing US crude stockpiles and rising Saudi production, according to media outlets.
The price drop puts a stop to gains made in recent weeks. Brent had recovered by nearly 30% from a mid-January low of $45.19 a barrel.