The U.S. hosted an unprecedented summit of 50 heads of African states in Washington, D.C. in early August. The event was meant to highlight the enormous investment opportunity that the African continent has to offer, and the three-day summit resulted in $37 billion worth of business commitments.
The continent has long been a source of natural resources, with oil and gas proving to be the most lucrative. Countries like Nigeria, Libya, Algeria, and Angola have produced enormous volumes of oil for years.
But there are other opportunities in Africa that have not hit investors’ radar.
Take Tanzania, a mid-sized East African nation whose economy is built on agriculture, tourism, and gold mining. Tanzania produces almost no oil at all, and until recently, it has produced negligible volumes of natural gas.
But the Tanzanian government hopes to change that. Its top energy official, Sospeter Muhongo, visited Houston ahead of the African summit in D.C. Muhongo met with over 50 companies in Houston during his visit, seeking to court investment for the country’s fledgling natural gas sector. “We need both human capital and the institutional knowledge to go into the gas economy. This is very new to us,” Muhongo said in a recent interview.
The country has built a bit of momentum over the last four years. In 2010, the BG Group (LON: BG) discovered offshore natural gas fields near the island of Zanzibar. The company worked in concert…