• 10 mins Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 hour Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 hours Whitefish Energy Suspends Work In Puerto Rico
  • 3 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 15 hours Thanksgiving Gas Prices At 3-Year High
  • 19 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 21 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 1 day ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
The Dangers Of A Bullish Oil Market

The Dangers Of A Bullish Oil Market

Geopolitical tensions continue to threaten…

Western Energy Firms Increase their Investment in Kenya

Western Energy Firms Increase their Investment in Kenya

Small independent Kenyan energy firms are selling their stakes to large Western-based exploration companies as interest in the east African country’s energy potential increases.

Underpinning the Western interest is the discovery of oil in neighboring Uganda and Mozambique, which have similar geological structures to Kenya, provoking interest by major foreign oil for exploration, Nairobi’s Business Daily reported.

In its latest report, “A Dash for Gas and Oil in East Africa,” Citi Group noted, "We have seen an acceleration in industry activity recently with multiple seismic programs being acquired, more intensive drilling campaigns planned over the next 12 months, and continued deal activity. Total also recently agreed on a farm-in with Anadarko and Cove for five offshore blocks, which highlights the interest of large-cap oil in the region. We see continued interest from the larger players to gain access to the region with a number of smaller players establishing interesting acreage positions."

Mwendia Nyaga, former National Oil CEO and now an industry consultant said that exploration licenses have been issued to several foreign companies and recent applicants are considering partnerships to gain entry, commenting, "The licensing is unprecedented. All blocks are taken hence the partnerships."

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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