The firm said the exploration and appraisal campaign in Kenya has confirmed substantial presence of oil resources in the South-Lokichar Basin in Kenya’s Turkana County.
“After over six years of hard work, we can now move forward to commercialising these low cost resources through a phased development of the basin, involving a central processing facility and an export pipeline to the Kenyan coast,” said Mark MacFarlane, the executive vice president for East Africa.
In 2018, the firm will focus on taking the project towards Final Investment Decision(FID) in 2019, with a prudent and flexible plan of execution that can take advantage of low oil services costs and deliver first oil and cash flow as soon as possible, Macfarlande said.
“With good progress being made in Uganda towards FID, East Africa is on the verge of becoming a major oil exporting region,” he added.
The company said working interest production was 32 percent higher at an average of 94,700 barrels of oil equivalent per day (boepd) in 2017.
It forecast 2018 production in the range of 86,000 to 95,000 boepd.