Cash-strapped State oil marketer seeks partners for exploration in Kajiado blocks

The oil marketer wants to raise money to be used in the acquisition of a 35 per cent stake in blocks 10BB and 13T when the State exercises its back-rights. [File, Standard]

The National Oil Company (NOCK) is set to sell a stake in its oil exploration block as its eyes becoming a key player in the country’s emerging upstream sector.

The State-run petroleum company, which has since inception been mostly engaged in the retail petroleum segment, said it is looking for a firm for an equity partnership as it readies to start drilling exploratory wells at its Block 14T in Kajiado County.