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Kenya: Low oil cost won't bring about real defer to Kenya venture - Africa Oil
Posted Date 2016/01/22 00:44

Falling world oil costs won't bring about a noteworthy deferral to plans to start oil generation in northwest Kenya, Africa Oil Corp's CEO said on Thursday. Keith Hill said the greatest obstacle was finishing development gets ready for an unrefined petroleum pipeline. 


Africa Oil and its accomplices mean to declare a last speculation choice for generation in mid 2017. 
'The present oil cost has in reality put weight on the undertaking, however we don't trust this low cost is economical. We don't see a noteworthy deferral to the venture as a consequence of the oil value, our greatest issue is getting the pipeline concluded,' Hill said in a messaged reaction to addresses from Reuters. 

 


The pipeline will keep running from area bolted Uganda crosswise over northwest Kenya to an arranged port in Lamu, on Kenya's Indian Ocean coastline. Kenya and Uganda consented to the course in August however they are as yet working out subtle elements, including financing. Uganda has an expected 6.5 billion barrels of raw petroleum holds. 

 


Organizations dynamic in Uganda incorporate France's Total, Britain's Tullow Oil and China's CNOOC. 
Africa Oil and accomplice Tullow Oil first struck oil in Lokichar in northwest Kenya in 2012. The recoverable stores are an expected 600 million barrels of rough, which would bolster into the pipeline from Uganda when it is manufactured. 

 


Africa Oil and Tullow were 50-50 accomplices in Blocks 10 BB and 13T where the revelations were made. Africa Oil has subsequent to sold a 25 percent stake in those squares to Moller-Maersk. It has additionally sold a 25 percent stake in Block 10 BA to Moller-Maersk.

 

 
Slope said the Africa Oil was still effectively investigating in spite of the low oil cost.

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