An intensive drilling campaign with partners this year should bring Africa Oil Corp (AOI.V) much closer to confirming that Kenya has commercial quantities of oil, it said on Monday.
Chief Executive Keith Hill,
whose Canadian-listed firm has interests in its 12 blocks covering 250,000 sq km in the region, told Reuters about $468 million would be spent in 2013 to drill at least
10 wells in Kenya and other locations in east Africa.
"We plan to drill at least 10 wells this year and then I think we will drill that many, if not more next year," Hill said.
http://reuters.com/artic...9370OP20130408?irpc=932

When Ghana struck oil in
2007, citizens expected the industry would bring them better lives and investors anticipated hefty profits from a rising African economic star. Six years later, all of them are complaining.
Lower-than-expected
production from the
offshore Jubilee field and
funding a costly presidential election process in 2012 have left the West African nation struggling to deliver
promised development
projects while keeping its
finances in order.
http://reuters.com/artic...N0CP35Z20130409?irpc=43

China’s major oil corporation is planning to make major inroads in Africa to take advantage of the growing interest in the continent’s oil
industry. According to The China National Offshore Oil Corporation (CNOOC) Chief Executive, Fu Chengyu, the company plans to capitalise on growing interest in the continent among explorers due to high oil prices and
growing energy nationalism elsewhere. In Kenya, the company is seeking a stake in Tullow Oil, which is drilling oil in Turkana.
http://www.thepeople.co....hp?com=31&item=3271

A few years ago, these guys had the most licenses in Kenya. Then they relinquished their 6 blocks to "focus on Uganda". Sasa they want back in. Ama they didn't hold the 'right' blocks? When they took up those blocks (given as soon as Kibaki came from China), Western companies were up in arms over what they termed as 'favouritism'. Will be interesting to see whether any of the blocks they relinquished turn up discoveries as they were accused of being poor explorers and only good at mining already discovered oil

Thanks for bringing this up. I've always wondered silently why Ghana's 'fortune' hasn't even shown on its ccy. So where's the FX being banked/taken? Expected something similar to the Botswana Pula when the diamond revenues came online. I concur with @kryptonite in hoping [ ]that our technocrats, & indeed in the whole EAC, are learning. UG is likely one up next.

Wish this could somehow be posted at the start of the thread. Quite a nice feature on the history of the oil market industry.

LINK: The Secret of the Seven Sisters

Uganda agrees to refine 30,000 bpd with total cncooc, liquid gold!!

With commodities getting hammered mercilessly very nice discounts are coming up on commodity firms. AOI is down 10% plus today.