Petroleum Africa
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Wednesday, July 30, 2014
Africa Oil Corp. could bring in a partner to help with the costs involved in developing the discoveries made in Kenya. To date, the company has discovered an estimated 600 million barrels of crude on blocks 13T and 10BB along with its partner Tullow Oil.
“We will likely bring on a partner to help develop Lokichar Basin reserves but no timetable has been set,” Keith Hill told Reuters.
Hill said the company could spend some $1.6 billion this year and next in exploration activity on its blocks in the three countries. “Our gross budget this year is over $800 million … and we would expect a similar amount next year but (that) budget has not yet been approved,” he said.
Besides its successes with Tullow, Africa Oil partnered with Marathon Oil discovered gas on Block 9 with the drilling of the Sala-1 well. While the exact amounts of gas discovered have not been proven an appraisal well, the Sala-2, will be spud prior to the end of July.
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