• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours USA Wants Iran War -- Shooty Shooty More
  • 3 hours Never Bring A Rapier To A Gun Fight
  • 29 mins Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 6 hours Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 7 hours Trump Will Win In 2020 And Beyond..?
  • 4 mins Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 10 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 8 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 3 hours Aramco Production
  • 6 hours Democrats and Gun Views
Are Oil & Gas Stocks On The Cusp Of Breakout?

Are Oil & Gas Stocks On The Cusp Of Breakout?

Energy stocks as a whole…

Is A Full-Blown War In The Persian Gulf Inevitable?

Is A Full-Blown War In The Persian Gulf Inevitable?

Following Saturday’s crippling attacks on…

Kenya Removes Roadblock For Oil Industry Development

Oil pumps

The Kenyan government and local lawmakers from the oil-rich Turkana region reached an agreement on the distribution of oil revenues that was preventing the country from beginning the development of its oil resources in earnest.

Under a bill proposed at the start of this year, Bloomberg reports, Kenya offered local communities 5 percent of the revenues to be generated by the exploitation of oil and gas reserves, with another 20 percent going to the local government. However, the bill had a caveat: the amount of money must not exceed central government money allocations for the regions.

The Turkana lawmakers were okay with receiving 20 percent of revenues with another 5 going to the local communities but they were not okay with the caveat regarding central government allocations. Now, the central government has agreed to drop this particular part of the proposal.

President Uhuru Kenyatta announced the deal over the weekend, as reported by Reuters, and today it was confirmed by a Turkana member of parliament to Bloomberg. “We will intensify our exploration efforts not just in Turkana but in the rest of the country now that we have a legal instrument that can help guide how oil and gas will be handled in our republic,” Kenyatta said.

Kenya has stored 70,000 barrels of oil in the north of the country, waiting to be trucked to the Mombasa port for pilot exports, awaiting the solution of the revenue-sharing problem. Now that this issue has been…

To read the rest of this article Start a FREE subscription to our premium publication

Oil & Energy Insider - 14 day free trial

14 day FREE trial
A FREE Subscription Includes:
  • Investment advice normally reserved for hedge fund clients.
  • Market & sector research not available anywhere else.
  • Strategic advice from corporate & military intelligence analysts.
  • 9 Weekly Investment / intelligence reports.
  • Full access to all previous reports.
  • 14 days risk free trial.
Get FREE access to our research for 14 days

An essential resource for all investors in the energy sector whether you're a trader, fund manager or individual investor - this inside look at the energy markets is unlike any other report or service currently available.

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play