Kenya announces discovery of oil

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UlteriorMotive
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Kenya announces discovery of oil

Post by UlteriorMotive »

Oil has been discovered in Kenya after exploratory drilling by Anglo-Irish firm Tullow Oil, President Mwai Kibaki has said.

The discovery was made in the country's north-western Turkana region.

Mr Kibaki said it was "the first time Kenya has made such a discovery" and called it a "major breakthrough".

Kenya is a regional business and tourist hub with the largest economy in East Africa, although its relative wealth is not based on mineral riches.

The Kenyan president said Tullow would drill more wells to establish the commercial viability of the oil.

"It is... the beginning of a long journey to make our country an oil producer, which typically takes in excess of three years. We shall be giving the nation more information as the oil exploration process continues," he said.

Tullow Oil, which also struck oil in neighbouring Uganda, said the Kenyan find had exceeded their expectations.

"This is an excellent start to our major exploration campaign in the East African rift basins of Kenya and Ethiopia," said Angus McCoss, the company's exploration director.

He added: "To make a good oil discovery in our first well is beyond our expectations and bodes well for the material programme ahead of us."

Tullow has found oil in, or off the coast of, a number of African countries, including Ghana and Sierra Leone.


http://www.bbc.co.uk/news/world-africa-17513488
Jaidi
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Re: Kenya announces discovery of oil

Post by Jaidi »

Sounds like this Tullow company has more credibility than anyone in the industry, they should be in Somalia.
Echoing Mr. Kibaki, Tullow spokesman George Cazenove sought to stress that Kenya was only at the beginning of a long process. He noted that oil was first discovered in neighboring Uganda in 2006 and has not yet reached the production stage. Though Uganda will get some oil to market next year, production won't reach full speed until 2016, he said.

http://www.theglobeandmail.com/report-o ... le2381284/

Its a very long process.
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