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Kenya expects its estimate of oil resources to almost double to one billion barrels as well-drilling increases and the government proceeds with plans to build an export pipeline.
Kenya expects its estimate of oil resources to almost double to one billion barrels as well-drilling increases and the government proceeds with plans to build an export pipeline.
According to Bloomberg:
Tullow Oil Plc. (TLW) and its partner Africa Oil Corp. (AOI) have discovered an estimated 600 million barrels of oil in the South Lokichar Basin since announcing the country’s first crude find in March 2012. The discovery has spurred the East African nation to accelerate infrastructure-development plans, including construction of an oil pipeline that will link Uganda to a planned port in the Kenyan coastal town of Lamu.
Martin Heya, Kenya petroleum commissioner, said:
Initial data acquired from northern Kenya indicates the figure for estimated oil resources is set to rise with increased drilling.