NAIROBI (Reuters) - Kenya said it plans to switch to bidding rounds to license its oil exploration blocks, moving away from one-on-one negotiations with firms, as interest in east Africa's largest economy increases following a recent oil discovery. In March British explorer Tullow Oil and Africa Oil found oil in the Ngamia-1 well on Block 10BB and encountered more a few months later, but its commercial viability has yet to be ascertained. ...
TORONTO — When Rwandan President Paul Kagame and other officials from the East African country meet with Toronto’s business community on Friday, their message will be simple: Rwanda is open for business.
It may be the biggest push for foreign investment that Rwandan leaders have ever made on Canadian soil. But thanks to the recent experience of a small Canadian oil and gas company, it could be a tough sell.
Anglo-Irish energy firm Tullow Oil said Thursday that it will buy a 50-percent stake in six exploration licences in Kenya and Ethiopia, expanding its reach in east Africa.Tullow, which is already a major player in the continent, will pay Canada's Africa Oil Corp up to 33.75 million dollars (26.3 million euros) for a share of six licences that cover two exploration blocks in Kenya and one in Ethiopia.
Originally posted at OilPrice.com, Last year was a record one for major new discoveries, and 2013 has so far demonstrated that the road to discovery still has plenty of mileage. The past two months alone have netted new finds in Egypt, a flurry of promising exploration results in East and West Africa, some important moves toward commercial viability in Kenya, more gas in the North Sea, an unexpected junior discovery in Brazil—and of course, more gains in Texas.
Significant oil reserves have been discovered in Uganda and Kenya in recent years. However before Kenyans and Ugandans can benefit from the discoveries infrastructure challenges, political issues and special interests must be overcome say experts.
In the last two years the Irish exploration company, Tullow Oil, confirmed reserves of 1.7 billion barrels of crude oil buried near the shores of Lake Albert in Uganda. Across Uganda’s border to the north, the company next ...