Friday, March 12, 2010

Analyses indicate that East Africa is the next oil boom

East Africa is emerging as the next oil boom following a big strike in Uganda's Lake Albert Basin. Other oil and natural gas reserves have been found in Tanzania and Mozambique and exploration is under way in Ethiopia and even war-torn Somalia.The region, until recently largely ignored by the energy industry, is "the last real high-potential area in the world that hasn't been fully explored," says Richard Schmitt, chief executive officer of Dubai's Black Marlin Energy, which is prospecting in East Africa. Read more...

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