Tullow announces latest discovery as reserves expected to hit 1 billion barrels

Tullow oil has said it plans more drilling after it made an oil discovery in the South Lokichar.

 

With an estimated 750 million barrels of oil equivalents in recoverable reserves in the country, the latest discovery is likely to push the figure upwards to hit the one billion mark.

“This is an exciting discovery from a bold exploration well that proves that oil has migrated to the northern limit of the South Lokichar basin. Further exploration drilling of this area is now being planned,” Tullow’s Exploration Director said in a statement.

The Erut-1 well in Block 13T of the area discovered 25 meters of net oil pay at a depth of 700 meters with an overall oil column of 100 to 125 metres.

The latest find on the block has "derisked" multiple other drilling prospects in area, Tullow said.

The well was the first of a four-well exploration and appraisal program which began last month.

Oil export

Tullow will now drill a pair of appraisal wells (Amosing-6 and Ngamia-10) but after that it is planned for drilling operations to return to the northern portion of the basin for further exploration.

Kenya plans to start exporting oil in June 2017.

This follows President Uhuru Kenyatta’s directive to expedite exportation of Kenya’s first oil. Tullow Oil has confirmed that it will start oil production in March this year.

Kenya also plans to to boost its crude exports by building a crude oil pipeline from South Lokichar to Lamu on Kenya's Indian Ocean coastline after 2020 with the help of Tullow Oil and its partners, Africa Oil and Maersk Oil.

Studies on engineering and development of that pipeline are expected at some point during the first half of the year.

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