March 16, 2016: Britain’s Tullow Oil has announced additional oil well discovery in Kenya. The new discovery is purported to result to the opening of a second oil basin for development in Kenya’s south.
The oil discovery was made in Kerio Valley Basin dubbed Cheptuket-1 which as good oil shows in a gross interval of 700 meters in the initial stages. These could potentially open up a second prolific basin in Kenya after the Turkana oil discovery.
Despite low international oil prices and oil firms reducing their spending on exploration and development, Tullow Oil has expressed enthusiasm but also terming the follow up action towards exploration to be set as diffident.
Tullow Oil has found partners in Africa Oil and A.P. Moller-Maersk to develop the South Lokichar Basin in northwestern region of Kenya whose reserves have been estimated to 600 million barrels of oil.
The additional discovery of oil reserves in Kenya together with enormous discoveries in the Lockichar basin, in the northwest of Kenya have put Kenya on the world map as an emerging onshore oil producer.
Tullow Oil discoveries have attracted a great deal in tune of millions of dollars in interests with projected sharp rises with the new discovery.
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