Here is the excerpt Tullow Oil Plc (TLW), the U.K. explorer that found Kenya’s first oil, will start initial production next year after finding more resources in the Lokichar Basin.
Tullow raised its resources estimate about 20 percent to more than 300 million barrels of oil equivalent after drilling the Etuko-1 discovery, it said today in a statement. Africa Oil Corp. (AOI), its partner, said the well was extended in Block 10BB, finding about 50 meters (164 feet) of addition oil column.
“We’ve certainly reached the threshold for development,” Tullow Chief Operating Officer Paul McDade said in a phone interview. “We are starting to think about other options within Kenya to do earlier production by road and by rail.”