Oil rig in Uganda. PHOTO/Tullow Oil
West Africa’s insurance companies and commercial banks are setting up subsidiaries in East Africa to take advantage of the oil and gas financing skills gap following recent discoveries in the region.
Kenya and Uganda are estimated to have recoverable oil reserves of 2.5-billion barrels, but prospectors and geologists believe the amount will increase as the drilling activities continue, especially in the East Africa Rift Valley basin.
Tanzania
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