This archive report was first published on 1 August 2019.
Kenya has made history by exporting its first crude oil, marking a significant milestone in the country's oil exploration journey.
According to President Uhuru Kenyatta, the crude oil was sold in a deal worth Ksh.1.2 billion, with 200,000 barrels being sold at a price of $12 million.
Speaking at a cabinet meeting, Kenyatta said, "We are now an oil exporter. Our first deal was concluded this afternoon with 200,000 barrels at a price of 12 million US dollars."
The crude oil is currently being stored at the partially rehabilitated Kenya Petroleum Refineries Limited in Changamwe, Mombasa, where it was delivered by trucks since July last year under the early oil project scheme.
President Kenyatta expressed optimism about the country's oil prospects, saying, "So, I think we have started the journey and it is up to us to ensure that those resources are put to the best use to make our country both prosperous and to ensure we eliminate poverty."
The news is expected to create excitement in the Lokichar oil fields, where Tullow Oil and its joint partners continue to explore more blocks for oil.
Kenya discovered its first oil deposits in 2012, and since then, explorations have continued in the Lake Turkana Basin with more deposits being reported.
Tullow Oil estimated some 560 million barrels in probable reserves, which would translate to 60,000 to 100,000 barrels per day of gross production.
