Indian Oil Corporation is looking at acquiring a stake in Kenya’s Oil Project, this is according to a report by Bloomberg.
The corporation has the financial muscle of revamping the Kenya project. The three venture firms spearheading the project are Tullow Oil, Africa Oil and Total Energies.
Last year the three organisations did a redesign that would see the Kenyan project viable again. The changes were introduced to incorporate data from the Early Oil Pilot Scheme, optimising the number of wells to be drilled and thus increasing the producer injector ratio.
In the first phase, the firms also included Ekaless field, increased the production capacity to 130,000 barrels of oil per day, and increased the 825-kilometre crude oil pipeline from Turkana to Lamu from 18 to 20 inches.
The firms expect a 30 per cent increase in crude oil resources due to the change of tact. The cost of production has also gone down from $31 to $22.
