Investors to be offered 15 oil blocks

 

A Nairobi Securities Exchange worker on the trading floor. Photo/FILE 

By BD reporter

In Summary

• Oil discoveries in Uganda, Kenya, Tanzania and Mozambique have turned east Africa into a frontier for hydrocarbon exploration.

The Energy ministry will offer investors 15 new oil exploration blocks as Kenya prepares laws on sharing of petroleum wealth.

Energy secretary Davis Chirchir Wednesday said that new oil blocks will be re-allocated after they were relinquished by firms exploring for the commodity.

The ministry had delayed licensing of the new exploration blocks until a new law — which will be sent to Parliament by September — comes into force.

Wednesday, Mr Chirchir declined to say whether the new blocks will be issued before or after the enactment of the law. In March the ministry was mulling over issuing new blocks ahead of the law.

Oil discoveries in Uganda and Kenya by Britain’s Tullow Oil, and gas deposits found off Tanzania and Mozambique shores, have turned east Africa into a frontier for hydrocarbon exploration.