You very well may be right considering current market conditions. Who knows what sort of a wild card might be played that changes that dynamic. It occurs to me that the $10.25/barrel tax being proposed on each barrel of oil by the current White House administration, could very well be such a factor as it would immediately give a boost to production and consumption outside the country. It would effectively make every barrel produced outside the US that much more economically attractive(competitive) than each barrel produced and consumed in the States. That is just one change in circumstances that could provide the incentive needed to prompt the funding needed by stakeholders to make it happen. This is by no means a boring market, there are a lot of things changing all the time. Let's hope one more change includes a commercial find and the means to bring it to market profitably.
Maybe not. Kenyan oil would be profitable even at today's prices. That's drawing attention:
"Tullow Oil, the UK firm prospecting for oil in Turkana among other areas, has reported the break-even point for Kenya crude is Sh2,550 ($25) per barrel – including the pipeline tariff to the sea port.
Low production costs translate to higher profits for a producer. Kenya's projected cost is lower than $35.40 (Sh3,600) in Angola and Nigeria's $31.50 (Sh3,204), both countries bleeding money as global prices slumped to near-record low of $29 (Sh2,949) this week.
At the prevailing prices, Kenya would still be making a profit if it were already producing and selling crude oil in the international markets. "This is important news that suggests Kenya's oil is viable even at current low global prices albeit at a razor thin profit margin," said Eric Musau, a research analyst at Standard Investment Bank.
He was quoting a presentation made by Tullow Oil after releasing its 2015 operating results. Being a low-cost crude oil producer could mean that Kenya can survive the sustained slump in prices, and still make a profit at the current levels."
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