Over the past two years little has been heard of Kenya’s upstream oil sector. This is because investors have in the period reduced exploration and development activities mainly as a result of collapsed global oil prices.
Only minimum caretaker activities have been maintained commensurate with downsized investment budgets.
Last week Tullow Oil, the main investor in Turkana oilfields, announced new oil discovery — Erut-1 in Block 13T.
Though not yet appraised for quantities, this discovery will definitely push the total recoverable oil reserves towards one billion barrels.