Tanzania has entered into an agreement with Uganda to help in the search for oil in the Eyasi Wembere Basin and Lake Tanganyika.
The groundwork for the Eyasi Wembere Basin and Lake Tanganyika oil project began two weeks ago when technicians from Tanzania and Uganda toured the location.
Should Tanzania find oil, it will be drilled and transported through the Hoima-Tanga pipeline for export from the Tanga port.
Tanzania has the second largest natural gas reserves in East Africa with 57.27 trillion cubic feet so far discovered.
Tanzania is keen to exploit Uganda’s experience in the oil industry while Kampala could benefit from Tanzania’s pipeline expertise given that the Country manages the Tanzania-Zambia pipeline and the Songo Songo gas pipeline.
Last year, Uganda chose the Tanzanian route for its 1,115km crude oil pipeline instead of the Kenyan deal that was a shorter 900km route.
Rwanda emerged the most competitive African country in the just released Global Competitiveness Index report.
The index, which analyzes national competitiveness on the basis of the institutions, policies and factors determining the level of productivity, ranks Rwanda at number 58, globally, with a score of 4.35, ahead of African economic giants like South Africa, Nigeria, Egypt, Morocco, and Algeria.
South Africa, the third largest economy in Africa, is the second African country on the list at number 61 with a score of 4.32, followed by its neighbor Botswana at number 63 with a score of 4.30.
Surprisingly, Nigeria, which is currently regarded as the largest African economy comes in at number 125, behind African economies such as Zimbabwe, which is in position 124.