• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 8 hours Satellite Moons to Replace Streetlamps?!
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 5 hours The Dirt on Clean Electric Cars
  • 2 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 9 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 20 hours The end of "King Coal" in the Wales
Why Is This Little-Known Element Up Over 300%

Why Is This Little-Known Element Up Over 300%

Element ‘’V’’, better known as…

Leaked Document: OPEC+ Struggling To Lift Oil Production

Leaked Document: OPEC+ Struggling To Lift Oil Production

An internal OPEC document suggests…

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