Kenya’s Oil Investment Grows

Bloomberg reports that Kenya’s planned investment in oil and gas exploration is likely to grow to a record due to the discovery of crude in neighboring Uganda.

The market news is quoted as saying:

Tullow Oil Plc (TLW), the London-based explorer with the most licenses in Africa, plans to sink two test wells in north- western Kenya this year and early 2012, while U.S.-based Apache Corp. (APA) may drill offshore next year, Heya said in an interview yesterday in Nairobi, the Kenyan capital. Spending on exploration and drilling is estimated at $126 million, and other companies may follow as more plans are approved, he said.

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