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Kenya to export first crude oil barrels worth Ksh 1.3B by September

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The The London-based oil explorer in Kenya, Tullow Oil, has announced that it has pumped out 200,000 barrels of crude oil worth 1.3 billion shillings to Mombasa port ready for exportation.

This will be the first export of the commodity that is set to be executed by September this year as the Oil explorer revealed.

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“200,000 barrels of oil have been safely delivered to Mombasa. Tullow expects East Africa’s first export cargo of oil to be sold and lifted in the third quarter of 2019,” Tullow latest updates revealed.

The multinational added that this will be an important opportunity for Kenya to test its international market reception for crude oil with the commercial production set for the second half of 2023.

Currently, the price of a single barrel goes at $63 (Sh6,500) in the international market, which brings the total of the 200,000 barrels to 1.3 billion shillings.

The crude oil transportation commenced in early June 2018, and Tullow had started by moving 600 barrels per day of the crude oil by road to Mombasa but has made improvements since the volume has increased to 2000 barrels per day by the end of May 2019.

Since 2012, Tullow’s successful exploration and appraisal drilling campaigns in Kenya have resulted in the opening of a second new tertiary rift play in the South Lokichar Basin.

Following a full assessment of all the exploration and appraisal data, Tullow estimates that the South Lokichar basin contains the following recoverable resources: 240 – 560 – 1,230 mmbo (1C–2C–3C) from an overall discovered STOIIP of up to 4 billion barrels.

Tullow indicated that the project will be profitable even at low prices. “This represented material and encouraging step forward which gives all parties confidence that the project will be robust at low oil prices.

Revenue from the Turkana oil project will be shared on the basis of 75 percent for all Kenyans through the National Government, 20 percent to the county government and five percent will go to the local community.

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Live Updates COVID-19 CASES
  • World 20,543,007
    World
    Confirmed: 20,543,007
    Active: 6,335,669
    Recovered: 13,460,995
    Death: 746,343
  • USA 5,305,957
    USA
    Confirmed: 5,305,957
    Active: 2,382,600
    Recovered: 2,755,608
    Death: 167,749
  • South Africa 566,109
    South Africa
    Confirmed: 566,109
    Active: 129,233
    Recovered: 426,125
    Death: 10,751
  • Nigeria 47,290
    Nigeria
    Confirmed: 47,290
    Active: 12,725
    Recovered: 33,609
    Death: 956
  • Kenya 27,425
    Kenya
    Confirmed: 27,425
    Active: 13,120
    Recovered: 13,867
    Death: 438
  • Australia 22,127
    Australia
    Confirmed: 22,127
    Active: 9,382
    Recovered: 12,393
    Death: 352
  • South Sudan 2,472
    South Sudan
    Confirmed: 2,472
    Active: 1,250
    Recovered: 1,175
    Death: 47
  • Uganda 1,313
    Uganda
    Confirmed: 1,313
    Active: 166
    Recovered: 1,138
    Death: 9
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