Kenya to Earn $$10 Billion from Oil in South Lokichar Basin’s Block 10BB/13T

Kenya’s will earn at least  US$ 10 billion from the country’s first commercial oil discovery in block 10BB/13T within the South Lokichar Basin.

The revenue will be earned from block 10BB/13T alone in over a 30-year production period,which will cause Kenya’s Gross Domestic Product to grow at an average yearly rate of 0.83%.

International Oil exploration Companies are likely to make new commercial oil and gas discoveries before the end of the year.

Kenya is planning to develop an early oil production facility by 2016 to allow Tullow Oil Plc and Africa Oil to produce oil from block 10BB/13T in small scale as proper infrastructure continues to be developed.

 

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