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Wednesday, 11 September 2013

Turkana oil five times initial estimate

According to Africa Oil, the Canadian company prospecting for petroleum in northern Kenya, has raised the estimated deposits in the Lokichar basin to five times higher, affirming a recent report by British exploration firm Tullow Oil. Africa Oil's statement said Northern Kenya has commercially viable oil and gas reserves. Africa Oil is a joint exploration partner with Tullow Oil in some of the northern Kenya wells with fuel deposits.

“Based on the drilling and testing programme over the past year we have confirmed the South Lokichar Basin contains gross contingent resources of 368 million barrels of oil, an increase of 557%,” said Africa Oil chief executive Keith Hill.

The company has rights to exploration blocks in both Kenya and Ethiopia. It said Ethiopia has a potential to produce 155 million barrels. The explorer estimated that the gross prospective resources or the best case scenario of how much oil the basin carries is 20,1-billion barrels.