NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta announced
Thursday that the country concluded its first export deal of
200,000 barrels of crude oil for 12 million U.S. dollars.
"We are now an oil exporter. Our first deal was concluded this
afternoon with 200,000 barrels at a price of 12 million U.S.
dollars," he said in a statement issued after chairing a cabinet
meeting in Nairobi on Thursday.
However, Kenyatta did not disclose details about the buyer.
Energy officials said the exports are aimed at gauging the
international markets’ reception to Kenya’s low-sulphur oil
ahead of commercial production that is now estimated to start in
the second half of 2023.
British firm Tullow Oil plc which has exploration and oil
fields in Turkana in northwest Kenya said last week that the
Early Oil Pilot Scheme (EOPS) production was increased from 600
barrels per day to 2,000 barrels per day, and 200,000 barrels of
oil have been delivered to the port of Mombasa.
In 2012, Tullow Oil discovered commercial oil deposits in the
east African nation that are currently estimated at 750 million
The EOPS is being undertaken by Tullow Oil, Africa Oil Corp.
and Total S.A. and the Kenyan government who own the Blocks 10BB
and 13T in northwest Kenya.
Kenya plans sovereign
wealth fund to hold oil revenues
NAIROBI (Xinhua) --
Kenya is considering establishing a sovereign
wealth fund to hold oil revenues as the nation has begun
exporting crude oil, a government official said on Friday.
Julius Muia, principal secretary of Kenya’s National
Treasury, told a regional forum in Nairobi that the country’s
national development blueprint requires the country to develop
frameworks to ensure income generated from natural resources is
"One of the things we are fast-tracking is the enactment of
the sovereign wealth fund bill within the medium term, so that
Kenya can save funds from oil revenues," Muia said during the
launch of an extractive industries seminar.
From Aug. 2 to 3, the East African Development Bank will host
senior government officials from across East Africa to a
workshop that will offer capacity building in better negotiating
contracts pertaining to natural resource management in the
Kenya on Thursday announced it had concluded its first export
deal for locally produced oil to sell 200,000 barrels of crude
Muia said that international best practice is for revenues
that accrue from natural resources to be set aside so they can
benefit future generations.
He added that a sovereign wealth fund will also enhance the
country’s macro-economic stability.