This archive report was first published on 20 August 2019.
Kenya has made significant strides in its oil export journey, with the Early Oil Production Scheme (EOPS) marking a major milestone. The Turkana Oil exploration began in 2012, and the successful testing and analysis of the first export oil shipment through Chemchina have shed a positive light on Kenya's journey as an oil exporter.
On August 20, 2019, the Petroleum PS hinted at possibilities of listing oil exploration activities on several stock markets, including the Nairobi Stock Exchange and the London Stock Exchange, to allow Kenyans to invest in the project.
According to Martin Mbogo, Managing Director Tullow Oil Kenya, the investment required for the final drilling process is one of the biggest single private sector investments in Kenya, with an estimated cost of $3 billion. This investment will be in addition to the $2 billion spent in initial exploration, discovery, and ESOP in the past ten years.
The second phase of the project will source funding through debt and equity from partners, with Mr. Mbogo expressing confidence that Tullow can raise the remaining $3 billion given it raised the initial investment of $2 billion.
Part of the project's future entails building a pipeline network to transport crude oil from Turkana's oil Basin to the Lamu Port for export. The pipeline will boost the movement of crude oil, allowing explorers to move as much as 80,000 barrels of oil per day.
