Africa Oil Corp (AOIFF)

[douginil]

PROJECT OIL KENYA TO TARGET AN INITIAL PRODUCTION OF 72,000BOPD

The Project Oil Kenya will target 72,000bopd to produce oil from the Ngamia, Amosing and Twiga fields with an estimated resource of 226mmbo (2c gross) during the foundation stage putting the estimated income by the country clearer compared to the 60,000 to 80,000bopd earlier reported The state department for Petroleun has said. Already the Kenya Joint Venture (KJV) has agreed on phased approach, technical work matured, Early Oil Production System operational and 1st cargo of 200,000 barrels having sailed-away on 26August 2019. A further 500,000 barrels will be sold to international market in February 2020.

Further pre-development activities are progressing well with FEED studies for upstream and pipeline completed, while ESIA on track for submission, all land gazetted, national Lands Commission surveys for valuation and acquisition is currently under way. Progress has also been made on contractual and fiscal terms with the signing of Heads of Terms (HoTs) with government, covering various legal, tax, transportation and regulatory issues, FID for Phase 1 is now expected in 2H 2020 upon delivery of various requirements including: long-form commercial agreements for upstream and pipeline projects, finalization and approval of ESIA, pipeline financing, land acquisition and submission and FDP approval.

Read more at:
https://www.oilnewskenya.com/project-oil-kenya-to-target-an-initial-production-of-72000bopd/