Kenya Will Create Sovereign Wealth Fund Before Crude Output
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- Category: Oil & Gas
- Published on Friday, 11 April 2014 04:46
- Written by Super User
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Kenya plans to set up a sovereign wealth fund to invest revenue from future output of oil that Tullow Oil Plc (TLW) and Africa Oil Corp. (AOI) expect to start pumping as soon as 2016, central bank Chairman Mbui Wagacha said.
The country’s attorney general is “fine-tuning” a draft framework for the fund, which will shield the economy from cyclical changes in commodity prices, build savings for future generations and be used to invest in infrastructure, he said.
“We are unique in Kenya in that we are setting up our sovereign wealth fund prior to the phase of exploitation of natural resources,” Wagacha told reporters today in the capital, Nairobi, according to a live television broadcast. “The resources that we own today also belong to our future generations.”
Read more: Kenya Will Create Sovereign Wealth Fund Before Crude Output
Kenya to use Kshs. 10.3 billion to relocate Kipevu Oil terminal
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- Category: Oil & Gas
- Published on Friday, 11 April 2014 04:41
- Written by Super User
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Kenya government has began relocating Kipevu Oil terminal as it tries to increase capacity and reduce the frequent oil shortages.
According to the Kenya Ports Authority chairman Danson Mungatana the $120 million facility will take five years to be completed and will serve to reduce fuel prices as the country will be able to export huge amounts of fuel.
Formerly importers have heard to pay huge costs in demurrage costs resulting from ships stranded in the high seas as the Kipevu terminal has limited capacity.
Above the construction cost the project will also cost another $1.7 million to come up with a detailed design.
“Preliminary design of the new facility has been undertaken and the relocation agreed upon by all stakeholders. The detailed design will cost 1.7 million dollars while construction of the facility will cost about 120 million dollars,” said Mungatana.
Read more: Kenya to use Kshs. 10.3 billion to relocate Kipevu Oil terminal
EADB to Boost Oil and Gas Policy-Making in the Region
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- Category: Oil & Gas
- Published on Saturday, 22 March 2014 05:08
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Public sector lawyers involved in drafting of the extractives sector laws and policies in the region will next week undergo training to improve their negotiation and policy-making skills.
The training is aimed at assisting East African Community (EAC) countries to make extractive industry contracts and related policy to ensure they achieve tangible benefits from their natural resources, the East African Development Bank (EADB), which is hosting the training said in statement yesterday.
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Kenyan banks get high ranking in global survey
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- Category: Oil & Gas
- Published on Saturday, 22 March 2014 05:26
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Despite encountering numerous service related problems with banks, Kenyan consumers are still confident in the local banking industry. A new report shows that while Kenyans have the highest incidence of problems reported when doing banking transactions, they remain confident in their banking industry. The Ernst & Young 2014 Global Consumer Survey showed that 55 per cent of Kenyans had within the past year experienced at least one problem with their banks.
BG Group encounters oil column at the Sunbird-1 well offshore Kenya
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- Category: Oil & Gas
- Published on Saturday, 22 March 2014 04:45
- Written by Super User
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JV partner Pancontinental Oil and Gas has provided an update regarding the Sunbird-1 exploration well in area L10A (Pancontinental 18.75%) offshore southern Kenya.
As advised in Pancontinental's ASX release on 6th January 2014, Pancontinental was not intending to provide any information concerning the progress of the drilling of the Sunbird-1 well until the well had been completed and it was in a position to provide information that was not considered speculative or incomplete. However, due to the news media reports over the weekend stating that the Sunbird-1 exploration well had discovered oil and natural gas, Pancontinental provides the following clarification:
Read more: BG Group encounters oil column at the Sunbird-1 well offshore Kenya
