Kenya would be among the 10 cheapest countries to produce crude oil, ahead of major exporters like Nigeria and Angola.
Tullow Oil, the UK firm prospecting for oil in Turkana among other areas, has reported the break-even point for Kenya crude is Sh2,550 ($25) per barrel – including the pipeline tariff to the sea port.
Low production costs translate to higher profits for a producer. Kenya's projected cost is lower than $35.40 (Sh3,600) in Angola and Nigeria's $31.50 (Sh3,204), both countries bleeding money as global prices slumped to near-record low of $29 (Sh2,949) this week.
At the prevailing prices, Kenya would still be making a profit if it were alre...
Looking for a winner from the oil price slump? Kenya could well be a prime candidate, in the emerging world at least.
The rout has claimed a swath of well-documented victims, from recession-hit Brazil, Russia and Venezuela to the badly holed Nigeria and Azerbaijan and the challenged Gulf states.
However Kenya — with a rapidly falling current account deficit, its first quarterly budget surplus for at least five years and solid economic growth — could be one of the less heralded beneficiaries of the crash in energy prices.
“Kenya is one of the few large African economies that is likely to perform well in 2016. As a net energy importer, it will continue to...
Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies.
While the deal is preliminary and doesn’t include Iran, it’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action. Oil pared gains after the accord was announced, signaling traders see no immediate end to the global supply glut.
The deal to fix production at January levels, which includes Qatar and Venezuela, is the “beginning of a process” that could require “other ste...
Tanzania's oil importers are seeking 209,019 tonnes of oil products for delivery in April, a tender document showed on Tuesday.
The Petroleum Importation Coordinator, which coordinates bulk procurement of oil products on behalf of oil marketing companies in Tanzania, is seeking 73,685 tonnes of gasoline, 121,998 tonnes of 50 ppm sulphur gasoil, 12,236 tonnes of jet fuel and 1,100 tonnes of kerosene.
The cargoes are to be delivered into Kurasini Oil Jetty in Dar es Salaam, Tanga port and the country's single point mooring system in Dar es Salaam.
The Tanzania Petroleum Development Corporation has announced that it will invest in a fertilizer plant to be set Kilwa division Lindi district German investors Ferostaal Industrial Project GmbH at a cost of $1.9 billion.
TPDC says it is the government’s plan to support companies investments in the extractive sector with the plant expected to produce 3850 tonnes of fertilizer daily.
According to TPDC Director for Production, Processing, Transport and delivery of natural gas Dr. Wellington Hudson who met representatives from Kilwa, Lindi the joint venture will utilize 104 million cubic feet daily and will produce two types of fertilizer namely ammonia...
Kenya’s Lamu Port South Sudan and Ethiopia Transport (LAPSSET) corridor crude oil pipeline is still the cheaper way of transporting South Sudan and Uganda oil to international markets.
Toyota Tsusho Corporation head of Pan Africa Regional Office and Strategic Alliance Department Kenji Suzuki and senior general manager Hideyuki Oiwa told the Sunday Nation that they have so far spent more than Sh100 million to do feasibility studies that eliminated both Tanzania and Ethiopia as options of cheap transportation of crude oil.
“We have carried 0ut four studies on the crude oil pipeline since 2011 before Kenya was certain of its oil reserves,” says Mr Oiwa,...
Oil traded near $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
West Texas Intermediate futures were little changed in New York, paring earlier losses of as much as 1.7 percent. Brent in London traded near $33 a barrel. A tanker for France’s Total SA was being loaded Sunday at Kharg Island while vessels chartered for Chinese and Spanish companies were due to arrive later the same day, an Iranian oil ministry official said. Chinese imports in January fell almost 20 percent from the previous month, according to government data.
Civil society organisations including Global Rights Alert, Transparency International & ActionAid Uganda have launched an online petition calling on government to ensure transparency in managing oil revenue by joining the Extractive Industries Transparency Initiative (EITI). In the meantime, a columnist argues that secrecy in oil deals could undermine locals' ability to benefit from oil revenue.