In a bid to expedite the growth of its oil industry, Uganda plans to spend at least $5 billion on the development of the Kingfisher and Tilega oil fields, which are currently the subject of a tax dispute between government and three oil companies. This amount forms part of the $15 billion to $20 billion
Oil prices reversed earlier losses on Friday as fears that escalating conflict in Libya could disrupt oil supplies from the OPEC member outweighed trade concerns. Brent crude futures rose 34 cents to $69.74 a barrel by 1405 GMT, having touched $70.03 in the previous session, its highest since Nov. 12. U.S. West Texas Intermediate (WTI)
After decades of failed attempts, Kenya finally struck oil six years ago. Commercially viable reserves were discovered in Turkana, the northwest of the country, by British oil company, Tullow Oil. The basin is estimated to contain about 560 million barrels of oil. While commercial production is a few years away, there’s growing concern that Kenya isn’t ready for the environmental,
The Uganda oil sector may postpone oil production commencement from it’s oil refinery to 2022 due to delays in the project studies. This will put it two years ahead of the set date of production of 2020 to 2022. According to Energy Minister Irene Muloni, the Front-end Engineering Design, or FEED which was supposed to
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Transportation of crude oil under the Early Oil Pilot Scheme can now resume next week after area leaders allowed Tullow Oil to ferry the resource following a meeting between Turkana elected leaders led by Governor Josphat Nanok and a high powered government delegation led by Petroleum and Mining cabinet secretary John Munyes and Rift Valley
Kenya’s president, Uhuru Kenyatta flagged off a pilot scheme to export crude oil via Mombasa as part of efforts to capitalize on the country’s oil reserves. Kenya discovered commercial oil reserves in its Lokichar basin in 2012 and a 800-km (500-mile) pipeline is due to be built before production starts up in 2021/22. The national
Kenyan President Uhuru Kenyatta on Sunday flagged off the first consignment of crude oil destined for export from the East African nation under a pilot scheme. Kenyatta flagged off trucks loaded with crude oil from the Turkana oil fields in northwest Kenya as part of the Early Oil Pilot Scheme (EOP). “This flag-off event and
The oil production expected to start in the Albertine region by 2020 is projected to create over 160,000 jobs, Caroline Korutaro, a senior petroleum engineer in the Directorate of Petroleum at the Ministry of Energy and Mineral Development has said. Korutaro said of jobs created, about 60% will be for petroleum engineers, geologists, oil researchers
Kenya’s oil ambitions received a boost after the government reached a revenue-sharing deal with the Turkana local government and community where the lucrative oilfields are located. But the road to first oil and sustained production remains fraught with political uncertainty and volatility as some within the local community still remain unconvinced. Kenyan President Uhuru Kenyatta