Multinational oil and gas companies’ increasing shift towards low carbon investments is threatening the future of discoveries in East Africa, a region that was regarded as a frontier for hydrocarbons. Apart from exploration, trepidation is also engulfing the region that raising the staggering $5 billion needed for infrastructure like pipelines and refinery for crude and natural gas could prove to be a Herculean task due to cuts in investment in fossil fuels. As East African governments float exploration blocks for licensing to prospective investors hoping for more oil and gas discoveries, it appears oil majors are directing resources towards low carbon projects. Uganda, Kenya and Tanzania have announced plans to license several blocks to investors to reawaken exploration activities that have been dormant in recent years. Uganda, in particular, is aggressively marketing its second licensing round for oil blocks hoping to attract big firms through bidding after a similar […]