Investment in oil and gas exploration may rise to record levels

11/08/2011 - Kenya property & investment news Posted by Bob Brunskill
Investment in oil and gas exploration may rise to record levels

Kenya's planned investment in oil and gas exploration may rise to an unprecedented level, it has been suggested.Martin Heya, the country's petroleum commissioner, explained that the discovery of crude oil in neighboring Uganda has sparked interest in the largely untapped territory.London-based explorer Tullow Oil plc intends to sink two test wells in north-western Kenya this year and early 2012, according to Mr Haya, who said that US-based Apache Corp may drill offshore next year."The level of activity is at a high and we think once Tullow starts drilling we must prepare ourselves for even more interest," Heya commented.He added: "The more wells that are drilled, the faster a discovery will be made."Meanwhile, Canadian oil and gas explorer Simba Energy confirmed recently that it has entered a production sharing agreement with Kenya for an exploration block in the country's north-east, Bloomberg has reported.According to the British Columbia-based company, securing Block 2 corresponds with its ambition to pursue "underexplored and overlooked onshore basins in Africa".