Kenya’s first commercial oil find could generate $10B

|By:, SA News Editor

Kenya’s first commercial oil discovery could yield $10B in revenues over a 30-year production period based on regional geological characteristics and well test results, according to consulting firm GlobalData.

Tullow Oil (TUWLF, TUWOY) and Africa Oil (AOIFF) have made five discoveries since 2012 and plan to run six rigs full time for the foreseeable future while they continue to advance exploration activities on the block.

Although Kenya’s first competitive licensing round has been put off until Q4 at the earliest, the firm thinks the delay actually could serve to build interest.