Wednesday, March 28, 2012

Kenya strikes it lucky with first-ever crude oil discovery

Oil has been discovered in northern Kenya, the country's delighted president has announced.

It is the first time black gold has been found within the east African nation's borders - and the commercial viability is still uncertain.

However, the Anglo-Irish firm behind the exploratory drilling believe they may have tapped into reserves of light crude similar to that uncovered in neighbouring Uganda.

President Mwai Kibaki announced last night that the discovery had been made in the north-west Turkana region over the weekend.

'This is the first time Kenya has made such a discovery and it is very good news for our country,' Mr Kibaki said. 'It is however the beginning of a long journey to make our country an oil producer, which typically takes in excess of three years.'

Tullow Oil - which is carrying out oil exploration in the region - said that 20 meters of net oil pay was discovered at a site called Ngamia-1.

It is a high-quality oil that will yield more gasoline and diesel per barrel than some other crude discoveries in Africa. Read More