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Q&A: Oil & Gas

The Great Kenyan

Oil Discovery Part II

An exclusive with Alex Budden, Vice President - External Relations, Africa Oil By: Andrew Thompson

S

ince the announcement of Kenya’s first major oil discovery by joint partners Tullow and Africa Oil caught the world’s attention in 2012, there has been considerable hype surrounding the frontier region’s potential. Of the 1.3 billion barrel estimated in the South Lokichar Basin in North West Kenya’s Turkana County, 600 million barrels have been confirmed. The discovery in Turkana province now sits at an estimated 600 million barrels. Tullow and Africa Oil are now working towards its development and commercial viability. 22 The Great Kenyan Oil Discovery - Pt.II: Alex Budden

There are a host of other companies now carrying out exploration work in Kenya across the highly prospective East Africa region, including Eni, Total, Anadarko and the BG Group. The Kenyan government is in the process of enacting a wave of regulatory reforms and legislations to ensure it capitalises locally on the developing industry. However, the process has not been smooth sailing, with uncertain regulations, benefit sharing arrangements, political disputes and local community tensions, security issues and a falling oil price, ensuring that the road from discovery to production will need to be navigated carefully.

Aspire Africa | Issue 2.  

Committed to Promoting African Synergy. Featuring Ismail Ahmed, CEO & Founder, WorldRemit.

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