Kenya’s Crude Oil Deposits Could Hit 1-B bbls

Posted by: : Paul EbelingPosted on: September 21, 2014 Kenya's Crude Oil Deposits Could Hit 1-B bbls

Kenya’s Crude Oil Deposits Could Hit 1-B bbls

TUWOY

Kenya’s recoverable Crude Oil reserves in the country’s tertiary rift basin is likely to exceed 1-B bbls, the ministry of energy and petroleum said Friday.

Cabinet Secretary for Energy and Petroleum David Chirchir said the four recently discovered Crude Oil wells that were drilled by Tullow Keny (PINK:TUWOY) a in the Lokichar sub-basin have raised the country’s recoverable oil reserves from 300-M bbls to 600-M.

“However, with further appraisal drilling which is currently on- going, the recoverable reserves are likely to be in excess of 1-M bbls in the Tertiary Rift Basin alone,” Mr. Chirchir said in a statement issued in Nairobi.

“These positive developments indicate that Kenya could become a significant Crude Oil producer,” Mr. Chirchir said.

“In readiness for the commercialization of the oil, the ministry is fast tracking the construction of the Uganda-Kenya Crude Oil pipeline,” the official said.

He noted the construction of a new Nairobi to Mombasa Oil pipeline will be completed in the next 18 months.

The East African nation has already made a Nat Gas discovery in the Anza Basin in northwest Kenya that is capable of producing approximately 1-T cubic feet of Nat Gas.

Mr. Chirchir said Kenya is seeking to enhance and diversify national power generation by identifying new supply sources.

“The government plans to expand electricity production capacity to ten gigawatts by 2024 and eventual to 25 gigawatts by 2030,” he said.

Principal Secretary for Energy and Petroleum Joseph Njoroge said the rural electrification program will be funded by the sale of state energy assets.

“We intend to reach every village through small renewable energy projects such as solar panels and wind turbines,” he said, adding the government is encouraging Public Private Partnership projects in order to plug the energy deficiency.

Stay tuned…

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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