Spotlight On Kenya: Big Oil

Game Changer

The Kenyan government, through the state entity, National Oil Corporation, plans to raise US$1 billion to buy a stake in an oil project currently operated by Tullow Oil Plc and other partners. When fully operational, the game-changing Turkana oilfields will transform Kenya from a net oil importer to a net exporter - based on current consumption of 114,000 barrels a day against a projected production of 120,000 barrels per day.

At the same time, Tullow Oil is also in talks with Saudi Aramco for a downstream strategic partnership.

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None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.