M a r k e t N e w s

Africa Oil Updates Project Oil Kenya with a Higher Plateau Production Rate and an Independent Resource Evaluation

Posted on : Thursday , 16th September 2021

Africa Oil and its JV partners (Tullow Oil and Total Energies) have completed the redesign of Project Oil Kenya over the last year to guarantee that it is technically, financially, and environmentally sound. With a projected gross oil recovery of 585 million barrels of oil ("MMbbl") during the life of the field1, a higher oil production plateau of 120,000 barrels per day is now planned. This resource position has been audited by external independent auditor, Gaffney, Cline & Associates ("GaffneyCline"). Africa Oil's best (2C) development pending contingent resource on a net working interest basis, derived from GaffneyCline's report is 93 MMbbl2. The estimated unrisked3 post-tax net present value, using a 10% discount rate ("NPV10"), of $577 million is attributable to Africa Oil's net 2C development pending contingent resource base.

Africa Oil and its JV Partners have presented a draught Field Development Plan ("FDP") to the Government of Kenya ("GoK"), with the intention of submitting a finalised FDP by the end of 2021, in accordance with the GoK's December 2020 licence extension criteria. Africa Oil and its JV Partners continue to work collaboratively with the GoK on land and water access and on the necessary commercial agreement and are waiting on the final approval of the Environmental and Social Impact Assessment ("ESIA") from the regulatory authorities.

Africa Oil and its JV Partners are actively seeking strategic partners for the project at the same time. Africa Oil believes that, based on the updated plan, this project offers a good commercial possibility for investors wishing to get into the East African oil and gas sector, both upstream and midstream. It is intended that a strategic partner will be secured ahead of a Final Investment Decision ("FID").

Keith Hill, President and CEO of Africa Oil, commented on the resource statement: "Together with our JV partners we have made significant progress in redesigning and optimizing Project Oil Kenya. Compared to the previous field development plan, we have a more economically robust project, which I am confident is more attractive to potential new partners. We will continue to work with our JV partners and the government of Kenya towards the final investment decision and I am pleased that our interests are fully aligned on what is a strategically significant project for Kenya.

Source : www.indnzaf.com
Featured Companies
  • GULF WELL SOLUTIONS
  • SKYTRADE GLOBAL ENTERPRISES LTD
  • /
  • MAVI DENIZ CEVRE HIZ A.S
  • Your Banner HERE!

Complete List  

Advertisers in previous issue:

  • A world class Rotary Gear Pumps for effective pumping and trasfer of all viscous & semi-viscous liquid like oils, chemicals, food products and more..
  • Pumping solutions, a technological potential.
  •  K & S Financial Group is the link between the end buyer and a reputable Russian refinery.
  • Bakery Equipment, Flour Mill, Bread Improver, Dried Fruit Processing machine
  • Sonmez Makina Ltd. is a manufacturer and exporter company for filling systems of domestic use LPG cylinders.
  • All type conveyor belts for internal & external location tapis roulant de tout genre pous deplacement a l
  • Specialty and Custom Chemicals Exhibition
  • We manufacture; As Welded, Outer Diameter Conditioned, and Bead Hammered stainless steel tubing to ASTM standards We manufacture; As Welded, Outer Diameter Conditioned, and Bead Hammered stainless steel tubing to ASTM standards
  • FAS Flüssiggas-Anlagen GmbH, Salzgitter, is one of the leading manufacturers and suppliers of LPG fittings and components for complete stations for the storage
  • We offers high quality, Competitive price and satisfied service always
  • Hevt Duty Machinery
  • Global Air Freight Solutions for Oil & Gas Shipments.
  • Producing numerous types of welding consumables and welding machines for both the domestic and international market
  •  EuropCorr is a company specialized in design, manufacturing, sales and consultancy of corrosion monitoring systems mainly for petrochemical, oil and gas industry.
  • Chemicals,Environmental & Sewage,Treatment Laborotory;Equipments Analytical Equipments & Instraments;etc.
  • South African incinerator and cremator designer and manufacturer making significant inroads into overseas markets.
  • Al Hosni Group International, has the experience and expertise in Construction, Manufacturing, Marketing, Hospitality, Chemicals, Gas services and environmental projects.
  • Industrial  machinery
  • From a modest beginning in 1955, the IGP Group today provides over 50 products and services to the core sector.
  • Pumps for dewatering, ground water control, sludge and slurry handling.
  •  BMC China Exhibition Co., Ltd is the wholly-owned subsidiary of German Enerxy AG Group
  •  SS Gas Lab Asia is a reputed engineering company, engaged in manufacturing of carbon dioxide gas plants, hydrogen gas plants, nitrogen dioxide gas plants, CO2 storage tanks, CO2 transportation tankers and dry ice plants.
  • ISISAN is a core member of a group who employs, approx 2000 people and active in pipe manufacturing, furniture, machine made carpets, flour mill and animal feed production.
  • Aygaz is the only fully integrated LPG company in Turkey, operating in all LPG processes, including production, procurement, storage and filling
  • Catering for the most varied industrial storage requirements.
Afrotrade International Marketing, Tel: +971-50-6285684
© 1998-2025 Afrotrade