KENYA EXPORTS IT’S FIRST ROUND OF CRUDE OIL

Kenya has exported its first batch of crude oil.

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President Uhuru Kenyatta has begun crude oil shipment in Kenya from the port of Mombasa on Monday August 26th, 2019.

Although this is still an experimental phase to test the country’s crude oil before full exploration, it s still considered a historic move towards full development.

Full exploration will begin in 2024 but from this phase there is an expected earning of $84m (£69m) over the next two years.

UK-based Chinese company ChemChina UK Ltd won the bid to buy the first batch of 240,000 barrels under the Early Oil Pilot Scheme (EOPS).

Kenya however have no pipelines in place, the crude oil was transported by road from the country’s northern-western oil fields in Turkana to Mombasa.

Tullow estimates that Kenya’s fields in Turkana hold up to 560 million barrels of oil and expects to produce up to 100,000 barrels per day from 2022.

 

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