[tallglassy]

Tullow Oil Plc (TLW), the London-based explorer with the most licenses in Africa, plans to accelerate drilling in Kenya after making the East African nation’s first discovery earlier this year.

Tullow will bring in two additional rigs next year, Chief Financial Officer Ian Springett said today in an interview. Alongside Africa Oil Corp. (AOI), Tullow is deploying two rigs in Kenya and one in Ethiopia this year to confirm reserves in the new African oil province after the Ngamia-1 well discovered more than 100 meters (330 feet) of light oil.

“It’s absolutely a fantastic start as it exceeded our expectations and there’s a lot more drilling to come,” Springett said. “It’s conventional oil, it’s very similar to Uganda but a much bigger first discovery.”

Tullow forecast Kenya has the potential to exceed Uganda, where together with Total SA and Cnooc Ltd. it plans to invest more than $10 billion to unlock an estimated 2.5 billion barrels of oil. The U.K. company’s Kenyan exploration acreage may hold as much as 10 billion barrels of oil resources, Tullow’s Exploration Director Angus McCoss said on a conference call with analysts.

http://www.businessweek.com/news/20...e-kenya-exploration-after-first-oil-discovery

 

[Mintali]

no secret now, Kenya has the largest reserves in E Africa

 

[eddeux]

^^No, Somalia, at least potentially, does.

Though I'm sure there is oil to discover in Ethiopia as well, so we'll see. Regardless, 10b barrels is a huge amount for Kenya.

 

[African Lion]

What are the confirmed existing reserves for the east African countries. Say no to "fantasy oil", we can't go by guesswork. I have. To say I'm a little surprise by this, I have always thought that east.Africa did not have the geography for oil.

 

[tallglassy]

What are the confirmed existing reserves for the east African countries. Say no to "fantasy oil", we can't go by guesswork. I have. To say I'm a little surprise by this, I have always thought that east.Africa did not have the geography for oil.

What is the geography for oil?

 

[tallglassy]

Tullow has identified over 100 lead sites within the basin & with 10 billion barrels of oil in this one basin alone, Kenya is poised to host Africa's 3rd largest oil reserves. :cheers:

Couple that with the world class gas finds off the coast of Tanzania and the Uganda finds these are exciting times for East Africa!

 

[Adm.Adama]

Turkana region is full of Oil and the government knew that for years, Another area that might be promising is the lake Victoria Basin with unknown reserves of oil its only a matter of time before found.

 

[popa1980]

I would love rwanda and ethiopia to get some. Those countries have low corruption and you know the money would be spent on infrastructure.

 

[BUTEMBO21]

@@@@@

There is Oil on DRC eastern borders and Oil on Uganda western border (not far from Rwandan border.).........However; + think if Rwanda should focus on Methan Gaz on their side of the lake Kivu.... I don't think Kagame hasn't looked around the tiny country, considering how hungry he is of resources.........But Ethiopia likely got Oil, its a very big country and it geographical location makes it likely to have Oil.

 

[tallglassy]

I would love rwanda and ethiopia to get some. Those countries have low corruption and you know the money would be spent on infrastructure.

The dictatorial regimes of Kagame and Zenawi?

 

[African Lion]

I would love rwanda and ethiopia to get some. Those countries have low corruption and you know the money would be spent on infrastructure.

My brotha, Familiarity breeds contempt.

 

[HMS Swaziland]

God does this piss me off. Yeh I want cheaper oil to fill up my car but I also want to see Kenya reach a modern nation by 2030. It had done everything right up until now. If it had let the oil exploration come when proper government infrastructure and transparency was in place then this would be great. I really saw Kenya developing the right way. Investing in farming, industry, technology, education, infastructure. Well good luck to them.

 

[tallglassy]

God does this piss me off. Yeh I want cheaper oil to fill up my car but I also want to see Kenya reach a modern nation by 2030. It had done everything right up until now. If it had let the oil exploration come when proper government infrastructure and transparency was in place then this would be great. I really saw Kenya developing the right way. Investing in farming, industry, technology, education, infastructure. Well good luck to them.

Let me remind you Kenya is not the basket cases that you might have in mind! These gross generalization are not only an expression of desperation but are symptomatic of the same mindset that has led other well endowed down the path you are fearful of.

I will remind you again, Kenya is not one of those bad examples you have in mind. Remember for every Nigeria you have Qatar, UAE, Canada, Finland, Brazil and dozens of other countries that have used their resources to empower their people. I believe every Kenyan is keen to break that resource curse.

Katiba!

 

[HMS Swaziland]

Let me remind you Kenya is not the basket cases that you might have in mind! These gross generalization are not only an expression of desperation but are symptomatic of the same mindset that has led other well endowed down the path you are fearful of.

I will remind you again, Kenya is not one of those bad examples you have in mind. Remember for every Nigeria you have Qatar, UAE, Canada, Finland, Brazil and dozens of other countries that have used their resources to empower their people. I believe every Kenyan is keen to break that resource curse.

Katiba!

Tallglassy, don't get me wrong. I love Kenya. You lot have an air of professionalism that has all the makings for a modern country. You make me think of what Britain would be like if it was positioned in Africa.

But I still believe you will be prone to the resource curse. The UAE/Quatar were built off religeon and autocracy not progress. Canada/Finland are first world countries, some say Finland has even slipped behind its Scandanavian counterparts (did it even have that much oil?) and Brazil definatly had a defining advantage over you. Leadership. Whilst they had lulu uplifting the poor, Kenya's leaders were more concerned about their political position then the chaos that the undecisive poll had unleashed onto the streets and it doesn't look like it will be any different this time sorry to say.

Good luck tallglassy but I really don't think it can work.

 

[xJamaax]

I also doubt there will be a massive corruption that will prevent the country from developing further. Many Kenyans have become engaged in what's going on and it will be extremely difficult for the politicians to swindle the oil revenues.

 

[tallglassy]

Tallglassy, don't get me wrong. I love Kenya. You lot have an air of professionalism that has all the makings for a modern country. You make me think of what Britain would be like if it was positioned in Africa.

But I still believe you will be prone to the resource curse. The UAE/Quatar were built off religeon and autocracy not progress. Canada/Finland are first world countries, some say Finland has even slipped behind its Scandanavian counterparts (did it even have that much oil?) and Brazil definatly had a defining advantage over you. Leadership. Whilst they had lulu uplifting the poor, Kenya's leaders were more concerned about their political position then the chaos that the undecisive poll had unleashed onto the streets and it doesn't look like it will be any different this time sorry to say.

Good luck tallglassy but I really don't think it can work.

I have no idea what country you are from and I will not make sweeping generalizations but I think you are in dire need of ambition, vision and transcendence. I am confident in the structures of governance set up by the new constitution and proud of what now seems like a Kenyan tradition of aspiration.

What makes you think Kenya can not be a developed nation? What makes you think Kenyans dont aspire to be the best and will fight for that? One has to be on the ground to witness this transformation.

We are not blind to the challenges that come with this and we are vigilant! We have ambition and our constitution, transforming justice system and our collective vision as a country sets the stage for the developments that we are witnessing and will ensure the take off. You are in dire need of ambition and a vision, welcome to Kenya!

 

[Yoniii]

Canada/Finland are first world countries, some say Finland has even slipped behind its Scandanavian counterparts (did it even have that much oil?)

You are thinking of Norway not Finland (which isn't an oil-country nor Scandinavian).

 

[The Nomadic Warrior]

Surprisingly amazed at the negative comments about this find when I was excited when I read the news. 10 billion barrels of Oil if confirmed is no joke, this will definitely speed up the development in Kenya with quick revenue which can be utilised for major public projects and investments. So regardless it's a win win situation for Kenya.

So people would rather have Kenya toil throughs years of underdevelopment so they could "develop" the right "way" instead of the Arabian style through natural resources, which is nothing wrong with that. At the end of the day, Kenyan government job is to improve the living standards of Kenya by any means possible. Just because they found a quick easy method for revenue doesn't mean they won't invest in their people as well, too much generalisations

 

[HMS Swaziland]

So people would rather have Kenya toil throughs years of underdevelopment so they could "develop" the right "way" instead of the Arabian style through natural resources, which is nothing wrong with that. At the end of the day, Kenyan government job is to improve the living standards of Kenya by any means possible. Just because they found a quick easy method for revenue doesn't mean they won't invest in their people as well, too much generalisations

You say Arabian way, I say Nigerian way. Which one do you think Kenya is more closely associated with? I am not generalising Kenya with the rest of Africa or its neighbours, I wouldn't want to insult Kenya. But if you are going to be so naive as to think that leaders who let their country burn rathar then concede power for one term are honestly going to invest the oil wealth properly, then you are living in la-la land.

And yes there is a right way to economic growth Nomadic. Government officials will simply introduce unsustainiable/unproductive subsidies, stuff their pockets and forget where the real growth comes from. It took some countries a few decades of hard work to get where they are now without oil. Kenya is already at an advanced stage of industrialisation. It wont take a couple of decades, one at most to reach possibly eastern Europe. Oil and you can take yourself back to Liberian level.

 

[tallglassy]

You say Arabian way, I say Nigerian way. Which one do you think Kenya is more closely associated with? I am not generalising Kenya with the rest of Africa or its neighbours, I wouldn't want to insult Kenya. But if you are going to be so naive as to think that leaders who let their country burn rathar then concede power for one term are honestly going to invest the oil wealth properly, then you are living in la-la land.

And yes there is a right way to economic growth Nomadic. Government officials will simply introduce unsustainiable/unproductive subsidies, stuff their pockets and forget where the real growth comes from. It took some countries a few decades of hard work to get where they are now without oil. Kenya is already at an advanced stage of industrialisation. It wont take a couple of decades, one at most to reach possibly eastern Europe. Oil and you can take yourself back to Liberian level.

Again, Kenya is not the other African countries you are comparing us to! I realize everyone has an opinion but I must say you are in dire need of a boost in your self esteem!

Please refrain from making those gross generalizations because we have little or nothing in common with those countries you are keen on comparing us with.