Camac says more oil in its Nigerian fields than earlier estimated
An oil rig. Camac Energy says that its Nigerian fields could have nearly five times more oil than was earlier estimated. PHOTO | FILE | NATION MEDIA GROUP
What you need to know:
The oil explorer announced that it had increased recoverable resources to 2,377 million barrels of oil from the original 537 million barrels.
Camac Energy, an oil exploration firm with interests in Kenya, says that its Nigerian fields could have nearly five times more oil than was earlier estimated. The oil explorer announced that it had increased recoverable resources to 2,377 million barrels of oil from the original 537 million barrels.
The Houston-based explorer said that it expects that the new findings will result in more revenues for the company.
“This is a near fivefold increase from our previous assessment of these prospects. Moving forward, we believe these resources, coupled with substantial near-term increases in production, will deliver significant value for our shareholders,” said Camac chief executive Kase Lawal in a statement.
Camac is exploring on four blocks in the Lamu Basin and earlier in the year it said that it had set aside set aside Sh3 billion to carry out the work on these blocks.
