Kenya recently crossed the threshold for commercial oil production.
Kenya has offered 46 of its newly discovered oil blocs to interested Nigerian investors to develop.
This was disclosed by the Minister of Petroleum Resources, Diezani Alison-Madueke, at the weekend in Nairobi. The minister said the offer was one of the outcomes of the dialogue which preceded the Nigeria-Kenya Investment Forum on Friday.
Kenya recently announced that its oil resources met the threshold for commercial exploitation raising the country’s hope of joining the league of oil producing nations.
Africa Oil, a Canadian oil and gas company together with British explorer, Tullow Oil Plc puts Kenyan oil reserves at the estimate of 368 million barrels, a level capable of commercial exploitation.
The forum, which was presided over by President Goodluck Jonathan, during his three day state visit to Kenya; and his host, President Uhuru Kenyatta, held at the intercontinental hotel, Nairobi, with more than 500 prominent investors from both countries in attendance.
Some of the influential Nigerian business magnates on President Jonathan’s delegation were reported to have flown into Jomo Kenyatta International Airport, Nairobi, aboard a fleet of seven private jets.
The Petroleum Minister said besides giving Nigerian investors the opportunity to acquire the oil wells, Kenya also sought Nigeria’s assistance in the formulation of right policies and framework to manage the sector.
“It is well known now that Kenya had recently discovered hydrocarbon reserves and they are very keen to move quite aggressively in terms of exploration activities,” Mrs. Alison-Madueke said.
“They felt that as sister African country, Nigeria having many years of oil exploration and production, that it only makes sense, that we exchange agreement in cooperation to hand over knowledge, capabilities and experience learnt.
“They seek various templates that we have formulated, including policies, processes and a sort of templates that form Petroleum Industry Bill among others.
“We also looked at areas surrounding Nigeria’s investments possibilities where we think that Nigeria business men and women could come into the oil and gas sector in Kenya.
“They are very keen that Nigerians operators in the upstream, midstream and downstream service sectors of the oil and gas industry look to Kenya as a burgeonis frontier for investments in the oil and gas sector.
“They are also very keen that we robustly support them in setting up the right framework, policies and processes and technology to help them drive the exploration activities,” she said.
She also said among the seven MoUs and bilateral Agreements signed by both countries was that of Oil and Gas which spelt out details of the co-operations.
Minister of Trade and Investments, Dr Olusegun Aganga, said the maiden economic forum between Nigeria and Kenya had recorded a huge success in terms of trade and economic development between both countries.
Accordng to him the forum was a door opener to new range of opportumities that would increase the volume of trade and value of investments between Nigeria and Kenya, which had, hitherto, so low.
Nigerian business mogul and Forbes Magazine richest black person in the world, Alhaji Aliko Dangote, who led the Nigerian delegate and chaired the dialogue group said a number of Nigerian investors would be willing to invest in the oil sector in Kenya.
At the forum Dangote, had announced the decision of his conglomerate to invest 400 million Dollars (about N64 billion) in cement production in Kenya
The CEO of Forte Oil and Zenon Oil, Femi Otedola, Forbes Magazine 26th richest African and Chairman of Honeywell Group, Oba Otudeko, prominent bankers and investors, Jim Ovia and Tony Elumelu were in the Nigerian delegation to the Forum.
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