Kenya's president signed on March 12 a long-awaited petroleum bill into law to regulate oil exploration and production and outlining how revenues will be shared between the government, local communities and companies.
Tullow Oil Plc and its partner Africa Oil Corp. discovered commercial reserves in the Lokichar Basin in 2012. The companies are working towards a final investment decision (FID) by the end of this year.
The legislation is required for large-scale oil production but has been delayed by the tussle between layers of government and residents of Turkana, the poor northern region of Kenya where oil was found, over how revenues are shared out.
RELATED: Row Over Kenyan Oil Revenues Threatens To Delay Production
An earlier draft passed by parliament in 2016 was never signed by President Uhuru Kenyatta.
Of the revenues due to the state, the bill signed on March 12 allocates 20% to local government, 5% to communities living where oil was found and 75% to central government. An earlier draft gave 10% to the communities.
The bill also said parliament would review the percentages within 10 years.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.