Tullow lifts Kenya's oil estimates to 750 million barrels
An oil-rig worker at Tullow's oil exploration site in Nakukulas village, Turkana County. The firm says an appraisal of wells within the Turkana basin showed increased resource estimates. FILE PHOTO | NATION MEDIA GROUP
What you need to know:
Tullow had previously put recoverable reserves at an estimated 600 million barrels.
Britain’s Tullow Oil has raised its recoverable oil estimates in Kenya by 25 per cent as the country targets crude exports next year.
The exploration firm said on Thursday that appraisals of wells within the Turkana basin showed increased resource estimates.
“Ongoing assessment of recently completed South Lokichar appraisal programme in Kenya indicates potential to increase recoverable resources up to 750 million barrels with further exploration potential supporting an upside of 1 billion barrels,” Tullow said in an update.
Tullow, working with partners Africa Oil and A.P. Moller-Maersk to develop finds in the South Lokichar Basin in northwest Kenya, had previously put recoverable reserves at an estimated 600 million barrels.
“In Kenya, our appraisal campaign has also been very successful with ongoing assessment indicating increased resource estimates” Tullow CEO Aidan Heavey said.
"The first well in the Kerio Valley Basin, Cheptuket-1, has encountered good oil shows across a gross interval of over 700 metres," the firm said in a statement about the new find.
