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Kenya set to start oil exports by 2021

7th February, 2018

Kenya is set to start oil exports by 2021 following the latest update from British oil exploration company Tullow oil. The new development according to the firm follows tests that have confirmed viability. This will catapult Kenya into the international limelight as an oil exporting nation with over a million barrels beleived to be available in Turkana county. The firm in it's financial statement further reported a surprise annual operating profit after three years in the red. The company has reported an operating profit of 22 million us dollars for the year ended Dec. 31, compared with a loss of $755 million in 2016. Analysts were expecting a loss of $103.6 million, according to company-compiled consensus. Moving forward the firm says a final investment decision  will be made next year. Presently design and build plans of a pipeline are underway in northern Kenya that will supply the crude oil. Tullow says working interest production was 32 percent higher at an average of 94,700 barrels of oil equivalent per day  in 2017. It forecast 2018 production in the range of 86,000 to 95,000 boepd. 

 

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