• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours One Last Warning For The U.S. Shale Patch
  • 6 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 2 hours Chile Tests Floating Solar Farm
  • 13 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 13 hours Poll: Will Renewables Save the World?
  • 13 hours New Rebate For EVs in Canada
  • 4 hours Trump Tariffs On China Working
  • 16 hours The Political Debacle: Brexit delayed
  • 7 hours Trump sells out his base to please Wallstreet and Oil industry
  • 4 hours Biomass, Ethanol No Longer Green
  • 1 day Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 7 hours Read: OPEC THREATENED TO KILL US SHALE
  • 11 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
Why This Oil Price Rally Has A Limit

Why This Oil Price Rally Has A Limit

While oil markets are tightening…

Kenya To Start 2,000 Barrel-Per-Day Exports Next July

Lokichar Basin

Kenyan officials said oil from the Lokichar Basin will begin reaching foreign markets at a rate of 2,000 barrels of crude per day by July 2017, according to local news reports.

Coastweek cited Deputy Chief of Staff Nzioka Waita, who told reporters at a press conference in Nairobi that the oil would come from the resource rich region in northern Kenya.

"The crude oil will be evacuated by road and rail as we wait for the completion of the oil pipeline by 2022," Waita commented as part of the release of Q2 petroleum development data for Kenya.

So far, the East African nation has confirmed 750 million barrels of recoverable crude oil in the basin, since the discovery became public in March 2012.

Waita said the government’s goal remains to exploit natural resources in order to improve the quality of public services, though the shortage of skilled oil workers challenges the rate of the sector’s growth in the nation.

"We want to ensure that the 160 technical vocational schools in Kenya can produce technicians who can increase the number of local experts in the oil sector," he said.

Related: Oil Rallies With Risk-On Rebound

The Kenyan Energy Ministry says that it maintains fuel supplies to cover citizens’ needs for up to 40 days in case of crisis. New discoveries could help increase that number to 90 days - keeping the country insulated from a global oil price crisis.

"The government is committed to investing in increasing the strategic petroleum reserves as well as to create a policy framework to allow the private sector to be involved in the sector," he said.

At peak production, the World Bank estimates Kenya’s oil sector could generate $9 billion in revenues or 16 percent of its revenues.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News