Partner needed in Kenya Oilfield
NAIROBI, July 30, 2014 – The Africa Oil Corporation and partner Tullow Oil are looking for a farm in for their Blocks 13T and 10 BB in northern Kenya’s South Lokichar Basin, Tullow announced last week.
The move aims at raising the capital to develop the consortium’s recent discoveries in the acreage estimated to amount to up to 600 million barrels of crude oil. These reserves might be enough to justify the construction of a pipeline to connect the acreage to Kenya’s export facilities.
Neighbouring Uganda and Rwanda, together with Coastal Kenya, have been working together on a project to build a 1,300-kilometre export pipeline to connect these countries oil reserves to the coast.
Recent discoveries of crude oil and gas across Kenya, Uganda, Rwanda, Tanzania and Mozambique have put the region under the spotlight as a potential base of resources for energy-hungry markets, particularly in Asia, such as India and China.
Africa Oil now has a strong investment strategy in the region pushing forward an $800-million investment for 2014 and expecting a similar amount for 2015.