Petroleum Africa
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Monday, February 3, 2014
The licensing round planned by Kenya has been delayed. The government has decided to hold back the round until the new oil laws to regulate the sector have been put in place. Joseph Nojorge, Kenya’s Energy and Petroleum Principal Secretary, told Reuters that seven new blocks would be put up for licensing as soon as the oil regulations are in place.
“We are still working on the Energy Act,” he said. “We want first of all to get the policy and the Act in place which will happen before the end of this financial year, that is before June. And then from there we will be able to know how to move.”
The new regulations include clearly defined policies for upstream, midstream and downstream sections among other things. It also calls for the creation and management of a sovereign wealth fund for petroleum revenue, and specify how revenue will be shared between national and local governments and communities where discoveries were made.
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