Africa’s “Big Five” – Nigeria, Libya, Algeria, Egypt and Angola – currently account for 85% of the continent’s oil and production. But (once again) oil companies are pushing east to explore new production sites. Will they succeed where their predecessors have failed?

Within Africa’s 54 sovereign states lies 8% of the world’s estimated oil reserves. But, challenges including a lack of infrastructure and geopolitical tensions have prevented oil production in many countries.

However, according to Keith Hill, CEO of Canada-based >waxy crude oil. This oil has the advantage of low density (so called “light” crude). But, due to its waxy composition, it must be kept warm to prevent solidification during transport.

It is expected that this vast majority of east Africa’s crude oil will be exported due to low demand and its lack of local refining capacity. There are some proposals, most notably in Kenya, aimed at speeding up their development of ports, pipelines, and even local refining capacity. Progress has been slow.

But, regardless of the challenges facing companies who wish to tap into east Africa’s oil resources, the potential seems to be too tempting to ignore.