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UPDATE 1-Britain's Tullow says makes new oil find in Kenya

Published 2016-03-16, 08:07 a/m
© Reuters. UPDATE 1-Britain's Tullow says makes new oil find in Kenya
MAERSKb
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(Adds Kenyan energy minister comment)
NAIROBI, March 16 (Reuters) - Britain's Tullow Oil TLW.L
said on Wednesday it had made an oil find in Kenya, which could
mean opening up a second oil basin for development in the
country south of finds already made.
The East African nation and neighbouring Uganda have both
made oil finds that have yet to start commercial production,
part of a string of energy discoveries along the east coast of
Africa.
"The first well in the Kerio Valley Basin, Cheptuket-1, has
encountered good oil shows across a gross interval of over 700
metres," Tullow said in a statement about the new find.
"We believe this encouraging initial result has the
potential to open up a second prolific basin in Kenya," it said,
although it added that the pace of follow-up activity was "set
to be modest".
Low oil prices have prompted international oil firms to
reduce spending on exploration and development.
Energy and Petroleum Cabinet Secretary Charles Keter told a
news conference: "The basin is good, they have encountered good
oil shows." He did not elaborate.
Tullow is working with partners Africa Oil AOI.TO and A.P.
Moller-Maersk MAERSKb.CO to develop finds in the South
Lokichar Basin in northwest Kenya, where recoverable reserves
have been put at an estimated 600 million barrels.

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