Tullow Oil plc (Tullow) announces that the Etom-2 well in Block 13T, Northern Kenya, has encountered 102 metres of net oil pay in two columns. The objective of the well was to explore the Etom structure in an untested fault block identified by recent 3D seismic. Oil samples, sidewall cores and wire line logging all indicate the presence of high API oil in the best quality reservoir encountered in the South Lokichar Basin to date. Additional prospectivity identified on the 3D seismic in the north of the basin, including the Erut and Elim prospects, will now be considered as part of the future exploration drilling programme.
East Africa is emerging as a hotbed for energy related investments not only for its robust economic growth, but also for its potential to become one of the largest producers and exporters of oil and natural gas in the world. Countries like Tanzania, Kenya, Ethiopia, and Rwanda - which have traditionally depended on biomass to meet most of their energy requirements - are gradually shifting to modern energy sources to meet the growing demands of the expanding urban population and the rising per capita income levels.
New analysis from Frost & Sullivan, East Africa Energy finds that East Africa will possess more than 50,000 megawatt (MW) of generation pot...
“As 2015 comes to a close, I am struck by what a unique year this was in the always-fascinating and dynamic world of oil and gas. 2014 was a year marked by a price shock that rapidly brought us from our “new normal” (or so we thought) of $90-$100/barrel to prices around $60/barrel by the end of the year,” says John England, US Oil & Gas leader, Deloitte LLP in the latest 2016 Oil and Gas industry Outlook.
In 2015, oil prices continued to trend lower, getting down to the $40-50/barrel range since mid-summer and dipping below $40/barrel in December. In less than a year, upstream oil and gas companies faced 50 percent drop in revenues.