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BY UPESINEWS BUSINESS REPORTER,NAIROBI,14TH MARCH 2017-The government has entered into a memorandum of understanding with Tullow, Africa Oil and Maersk to allow exportation of oil on pilot basis beginning June this year.
Tullow, which has had wild success in exploration in Kenya, has in the past estimated that there are about a billion barrels of oil in the Southern Lokichar area. The estimates are based on wells the firm has so far drilled in the region, but expects the quantities to go up as it continues drilling as well as doing further tests on previously drilled wells.
The plans to go ahead with oil production are also on the back of what Tullow oil said was a substantial reduction in exploration budget for the country.