Kenya’s oil blocks with proven reserves so far could generate as much as $10 billion (Sh870 billion) and catalyse the growth of the economy, a consultancy has said. GlobalData, a London-based research and consulting firm, said the figure is based on estimates from findings on the successful wells that have been drilled by Tullow Oil and African Oil. Britain’s Tullow Oil and African Oil of Canada have successfully struck a series of wells on blocks which they operate in Turkana, northern Kenya. “According to GlobalData, block 10BB/13T alone could generate approximately $10 billion in revenue over a 30-year production period, based on regional geological characteristics and well test results,” said the consultant in a statement released on Wednesday. GlobalData added revenues from the blocks would translate to GDP growing by an extra 0.83 percentage points annually. The two companies equally share interests in Block 10BB and 13T which have yielded positive gains. At the beginning of the year Tullow said that the basin, where the blocks are located, could have as much as one billion barrels of oil.
Posted on: Thu, 15 May 2014 06:49:25 +0000
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