A consultancy firm has estimated Kenya’s oil from the Ngamia 1 oil well will generate a whopping US$10bn annually thereby increasing the growth of the country’s economy and also translating the GDP growth by an extra 0.83% point.
GlobalData, a London-based research and consulting firm said that the money can be produced from block 10BB/13T alone over a 30 year production period, based on regional geological characteristics.
Britain’s Tullow Oil and African Oil of Canada have successfully hit a series of wells on blocks which they operate in Turkana, northern Kenya. The companies say that they still cannot tell the amount of oil which they can explore from the wells but they foresee excellent yields.
The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia. Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved.