This archive report was first published on 12 December 2019.
Kenya's Oil Export Dream in Jeopardy ¶
Kenya's dream of joining the elite list of oil-producing countries is at risk after Tullow Oil announced it was disappointed with its business in Africa.
Oil was first discovered in Kenya in 2012, and in June 2019, President Uhuru Kenyatta officially flagged off the first batch of crude oil to a Chinese firm.
However, Tullow Oil, the company exploring oil in the country, is planning to scale down its operations. The firm's shares crashed by 72%, a 16-year low at the London Stock Exchange.
On Sunday, June 3, President Uhuru Kenyatta officially flagged off the first batch of crude oil produced in Turkana county for export to the international market.
The black gold was first discovered in the country in 2012 in the Lokichar fields. Kenya was expected to export 2,000 barrels of the crude oil per day under the Early Oil Pilot Scheme (EOPS), an experimental programme that is expected to last for two years.
On Monday, December 9, Tullow Oil announced the exit of its chief executive officer and exploration director. The firm noted its production performance has been significantly below expectations from the group's main producing assets, the ten and Jubilee fields in Ghana.
On Sunday, June 3, President Uhuru Kenyatta arrives at the Kipevu Oil Terminal, Port of Mombasa, to preside over the flag off ceremony of the first Kenyan crude oil shipment.
President Uhuru Kenyatta arrives at the Kipevu Oil Terminal, Port of Mombasa, to preside over the flag off ceremony of the first Kenyan crude oil shipment.
Published on December 12, 2019, at 6:34 PM.
