Kenya Earns Its First Billion in Oil Sale - Uhuru

  • President Uhuru Kenyatta, on Thursday, pleasantly announced Kenya's official entrance into the oil export market.

    An elated Uhuru disclosed that the country had exported small bits but was now in a position to export large quantities.

    "As a country, we have joined the oil-exporting countries. Initially, we did so in small quantities but now we have joined the oil-exporting countries of the world. We are now an oil exporter," he affirmed.

    In the country's maiden sale, Kenya was able to earn a lump sum of Ksh1.2 billion from the deal that was closed on Thursday afternoon.

    The 22,000 barrels of crude oil sold, are said to be the beginning of better days.

    He stated, "Our first deal was concluded this afternoon, 200,000 barrels, at a decent price of $12,000,000 (Ksh 1.2 billion)."

    Uhuru encouraged that Kenya's entrance into the oil-exporting market should be used to eliminate poverty thus developing the country.

    "We have begun our journey and it is up to us to ensure that those resources are also put to the best use, to develop our country to make it both prosperous and to ensure we eliminate poverty in Kenya," concluded the head of state.

    Kenya discovered commercial oil reserves in its Lokichar basin in 2012 and Tullow Oil estimated that the basin could contain an estimated 560 million barrels in so-called 2C proven and probable oil reserves.

    Tullow disclosed that this would translate to 60,000 to 100,000 barrels per day of gross production.

    The government and Tullow Oil had expected to start exporting crude under the Early Oil Pilot Scheme (EOPS) by June 2018, but that appeared unlikely, with the company only having trucked about half of the amount that would be needed for the first shipment.