By VICTOR JUMAMore by this AuthorLondon-based oil explorer Tullow on Wednesday said it had pumped additional $2.9 billion (Sh293 billion) into the operation targeting full-scale export of Kenya’s oil to begin in four years’ time. Tullow says the gross capital expenditure is estimated at $2.9 billion (Sh293 billion) comprising a $1.8 billion (Sh182 billion) upstream investment and $1.1 billion (Sh111 billion) for the 750-kilometre pipeline. The government has said Kenya’s oil production is profitable from $34 per barrel, indicating a potential windfall from the current Brent crude price of $66 a barrel. Tullow says plans to commence early oil exports are almost complete after all upstream contracts were awarded following a joint venture partners agreement with the government. “Initial injectivity testing has started at Ngamia-11 and oil production and water injection facilities are being constructed in the field ready to commence production/injection in the first quarter of 2018,” the multinational said.

Source: Daily Nation February 07, 2018 18:22 UTC