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Monday, December 4, 2017
Kenya plans to make its state-run oil and gas firm a major player and raise considerable funds in the process. The government wants to raise around $1 billion by listing National Oil Corp. Kenya (NOCK) on the UK’s LSE by early 2019.
The funds raised from the listing will be used to buy a stake in two oil blocks operated by Tullow Oil, a senior government official in the Ministry of Energy was cited as saying in a Reuters report.
“We need to raise money for our back-in rights,” Andrew Kamau, the principal secretary for petroleum at the Ministry of Energy, was quoted by Reuters as saying.
The two blocks the government is interested in having NOCK assert its back-in rights are 13T and 10BB, where the partnership of Tullow and Africa Oil have discovered significant resources. Maersk Oil & Gas recently joined the pair on the blocks as well.
Kamau did not say what size of stake NOCK planned to pursue the oil blocks nor did he provide further details about the listing plans.
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