Africa Oil discovers two more large oil wells in northern Kenya
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- Category: Oil & Gas
- Published on Saturday, 22 March 2014 04:39
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Canadian oil and gas exploration firm, Africa Oil on Wednesday announced two additional oil discoveries in northern Kenya as search for commercial oil intensifies in the East African nation.
The company said that Amosing-1 and Ewoi-1 exploration wells in Block 10BB, onshore northern Kenya, have resulted in the discovery of two new large oil fields.
"These two wells continue the 100 percent success rate in the South Lokichar Basin with seven out of seven discoveries to date," it said in a statement released in Nairobi.
Kenya, still considered a "frontier exploration" field, by its lack of proven oil deposits except the Turkana find, has witnessed a series oil-based transactions.
Read more: Africa Oil discovers two more large oil wells in northern Kenya
Kenya to invest in Uganda’s oil refinery project
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- Published on Saturday, 22 March 2014 04:31
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Kenya has announced that it will invest US$74mn in Uganda’s proposed oil refinery project, situated in the Lake Albertine Rift Basin and expected to cost US$2.5bn
According to Daily Nation, Joseph Njoroge, Kenya’s energy principal secretary, said, “The Government of Uganda has invited both Kenya and Rwanda to buy small shares in the refinery. The offer is about three per cent.”
The refinery is not expected to start operations until 2017 and is estimated to produce an initial 30,000 barrels per day (bpd), the figure doubling to 60,000 bpd after a few years.
In January this year, the country had announced six companies as strategic investors in the refinery.
Read more: Kenya to invest in Uganda’s oil refinery project
Oil Firms in Kenya Embrace Technology
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- Published on Wednesday, 01 January 2014 10:11
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A SENIOR technology executive projected Kenya's oil production to increase significantly as companies in the sector adopt technology to increase output.
Kenya pumps an average of 6 000 barrels of crude oil per day but experts believe the country has a capacity to pump up to 100 000 barrels.
Under current conditions, the old model of oil drilling, supervision and pumping are seen as time and cost-consuming.
Emerging Oil Giant Kenya Gets Major Infrastructure Boost from China
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- Published on Wednesday, 01 January 2014 11:20
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Bottom Line: Rushing to get some massive infrastructure projects off the ground as oil discoveries move towards commercial production in Kenya, the Chinese launch a landmark multi-country railway project to compliment the port expansion at Mombasa.
Recommendation: This massive rail project—funded by Chinese soft power—will dramatically increase Kenya’s trade prospects and secure its position as a regional hub and economic powerhouse. Investment will respond in kind.
Read more: Emerging Oil Giant Kenya Gets Major Infrastructure Boost from China
The Big Winners in Kenya’s Oil Debut
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- Published on Wednesday, 01 January 2014 09:58
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Kenya will start pumping its first commercial oil next year and begin exporting in 2016, but this is just the opening salvo: new discoveries in recent months and fast-track new well development make Kenya the darling of East Africa from an investor’s perspective.
Kenya is set to soar past Uganda, which discovered oil much earlier, but is now having a hard time getting it out of the ground and into the market. And the next five months should bring not only news of the first commercial output for Kenya, but new commercial prospects coming online.
