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Kenya Removes Roadblock For Oil Industry Development

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.

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 settled, the country is ready to begin test exports.

Commercial quantities…

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