State-run oil and gas firm, National Oil Corp. Kenya (NOCK), has turned its oil exploration focus to Kaijado. NOCK plans to drill on the oil block in the next two years. The company hopes to follow in the footsteps of Tullow and Africa Oil who have encountered oil resources estimated at nearly a billion barrels in Blocks 10BB and 13T in Turkana South.
The state-run firm, which has traditionally concentrated on less-expensive downstream oil business, is seeking a partner to inject cash in drilling in exchange for an undisclosed stake in Block 14T.
“Drilling wells is a very expensive activity. In addition, it is a very risky business because there are chances of either striking oil and gas or striking nothing,” NOCK chief executive MaryJane Mwangi said. “The farm out process is practiced globally to share risks and investments.”
The company said the results from its interpretation and integration of its 2D seismic data in the block where it has been undertaking geological and geoscientific studies with its partner, Japan Oil and Gas Metals Company, have been positive.
Source: Petroleum Africa