Investing.com - Financial Markets Worldwide

Kenya creates 17 new oil exploration blocks - media

Published 2016-05-14, 04:42 a/m
© Reuters. Kenya creates 17 new oil exploration blocks - media
MAERSKb
-
TLW
-
CL
-

NAIROBI, May 14 (Reuters) - Kenya has created an extra 17
new oil exploration blocks, bringing its total to 63 and aims to
auction them in a licensing round in 2017, Kenyan newspapers
quoted Ministry of Energy and Petroleum saying on Saturday.
British explorer Tullow Oil TLW.L and partner Africa Oil
AOI.TO first struck oil in Lokichar in northwest Kenya in
2012. The recoverable reserves are an estimated 750 million
barrels of crude.
Since the discovery, interest from explorers seeking blocks
in Kenya increased.
Privately-owned Standard Newspaper quoted the Energy and
Petroleum ministry as saying it aimed to hold an auction for the
new blocks in 2017.
"We constituted all the blocks and the country now has 63
blocks .... We now have 17 blocks to license," the Standard
quoted Martin Heya, the ministry's commissioner for Petroleum
Energy, as saying.
Africa Oil and Tullow were 50-50 partners in blocks 10 BB
and 13T where Kenya's the discoveries were made. Africa Oil has
since sold a 25 percent stake in those blocks to A.P.
Moller-Maersk MAERSKb.CO .
Africa Oil and its partners aim to announce a final
investment decision for production in early 2017.
Early this month, Kenya started a search for companies to
design a crude oil export pipeline costing some $2.1 billion and
which it expects to be should be completed by 2021.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.