Aiden Heavey also spoke about the lots of opportunities in East Africa. Said the industry will receive an investment of 100 Billion dollars over the next few years...

In other news:


An American company has started the search for oil off the Kenyan Coast, barely four months after Tullow Oil struck huge reservoirs in Turkana County.

Apache Corporation will start drilling in the Lamu basin in a week at a block known as Mbawa 1, 70 kilometres off the shoreline.

The company's public and international affairs manager, Mr John Roper, told the Daily Nation the project would start between August 10 and 15.

"The well, called the Mbawa 1, is targeting what we hope is a large oil reservoir. The Mbawa well will take about two months to drill to its planned depth of 3,200 metres. The main challenge we face in drilling this well is the same as whenever we drill an exploratory well — we won't know for sure what we have got until we're finished," he said....

He said the block was picked because it is identical with the ones on the northern shores of Madagascar where the company found more than 30 billion barrels of oil.

"If you move Madagascar over to Kenya (as if they are puzzle pieces), you'll see its northern and western coasts fit very nicely into the coast of Kenya, where it actually originated prior to the major plate breakup that happened about 150 million years ago.

"Along Madagascar's northern shore there's about 30 billion barrels of oil in place. If you do plate reconstructions, what you find is it fits very nicely with our block position in the Lamu basin. The oil found in Madagascar comes from Jurassic source rock and we believe this same source could be in the area where we are planning to drill off of the coast of Kenya," Mr Roper said.

Tanzania’s Minister for
Foreign Affairs Monday
demanded an immediate
stop by Malawi to all oil and gas prospecting activities on parts of Lake Nyasa lying within Tanzania’s borders.
The chairman defence and foreign affairs committee chairman said the military option was available in case matters came to this.
“If it reaches the war stage then we are ready to sacrifice our people’s blood and our military forces are
committed.
Our army is among [the]
modern and stable defence forces in the world,” said the
chairman.
http://www.theeastafrica.../-/meqxnoz/-/index.html

Generally, the non-resident tax rate is 25% but Kenya has signed a tax treaty there for the tax is 15% however the rate can be lower depending on some circumstances. Read more here

Yap.

S.Sudan says oil pipeline via Kenya to cost $3 bln
A pipeline allowing South Sudan to export its oil via the Kenyan port of Lamu, freeing the landlocked country from reliance on a route through Sudan, will cost $3 billion, Finance Minister Kosti Manibe said.

Manibe said that although South Sudan did not have the money to pay for the pipeline's entire cost, the newly independent country would invest in the project and had the necessary reserves of crude to offer guarantee to any financiers.

.....................

"We believe from the indications that we've been given that if we are lucky we might have as much oil as (South) Sudan. Any extra that we don't use in the country we are going to put in the same pipeline as the Sudanese oil and export it through the port of Lamu," said Murungi.

Murungi said the country is also planning to build a second refinery in the northeastern town of Isiolo to produce up to 100,000 barrels per day and refine crude from Turkana.

http://af.reuters.com/ar...s/idAFJOE87903C20120810

Can we get an announcement already! Eish...but how the Minister & PS are conducting themselves...iko kitu

Sirikali for sure True, it should be a good wave for the NSE too