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.
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
This website uses cookies.