Africa Oil Corp. - World-Class East Africa Oil Exploration (Seite 317)
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Antwort auf Beitrag Nr.: 43.270.912 von gimo211 am 11.06.12 15:44:51Hi, der Artikel hat es durchaus verdient ein zweites Mal eingestellt zu werden, hat es in sich.
Und übrigens warst du es, der den wohl prägnantesten Satz hervorgehoben hat. Nicht wenige hätten drüber gelesen. Ich hatte dafür das Bild eingebunden
Bitte keinen Kommentar was wertvoller war 
Dein Satz
"Das South Omo drilling in Verbindung mit den Ngamia-1 results wird zeigen, ob wir ein System mit einer Fläche in der Größe von England haben, welches Milliarden von bbls of oil für unsere kleine Africa Oil Corp. bereit hält... wow..."
bringt es aber mindestens ebenso gut auf den Punkt. Mein Bauchgefühl sagt mir, dass uns noch ganz schön was bevorsteht. Ich glaube dass ich den in einem halben Jahr mal wieder hervorholen muss. Mal schauen ob es so kommt
Ich bin gespannt wann wir nun (welche) News bekommen. Ich könnte mir vorstellen dass Tullow irgendwie umherkommen muss, um nicht das zu vermelden wass Cannacord schon ausplauderte. Die und Merrill Lynch haben laut stockhouse angeblich heute wieder eingekauft...
Und übrigens warst du es, der den wohl prägnantesten Satz hervorgehoben hat. Nicht wenige hätten drüber gelesen. Ich hatte dafür das Bild eingebunden
Bitte keinen Kommentar was wertvoller war 
Dein Satz
"Das South Omo drilling in Verbindung mit den Ngamia-1 results wird zeigen, ob wir ein System mit einer Fläche in der Größe von England haben, welches Milliarden von bbls of oil für unsere kleine Africa Oil Corp. bereit hält... wow..."
bringt es aber mindestens ebenso gut auf den Punkt. Mein Bauchgefühl sagt mir, dass uns noch ganz schön was bevorsteht. Ich glaube dass ich den in einem halben Jahr mal wieder hervorholen muss. Mal schauen ob es so kommt
Ich bin gespannt wann wir nun (welche) News bekommen. Ich könnte mir vorstellen dass Tullow irgendwie umherkommen muss, um nicht das zu vermelden wass Cannacord schon ausplauderte. Die und Merrill Lynch haben laut stockhouse angeblich heute wieder eingekauft...
ja, der Satz hat wirklich Kraft... ... und das von Tullow...
... einzig, das dieser Artikel bereits gestern Abend von Motz1 gepostet wurde und ich das Ding damit zum zweiten mal hier einstelle... @Motz1 sorry, ich habe es erst gemerkt, als ich den Artikel bereits gepostet hatte...
Das South Omo drilling in Verbindung mit den Ngamia-1 results wird zeigen, ob wir ein System mit einer Fläche in der Größe von England haben, welches Milliarden von bbls of oil für unsere kleine Africa Oil Corp. bereit hält... wow...
... und das von Tullow...... einzig, das dieser Artikel bereits gestern Abend von Motz1 gepostet wurde und ich das Ding damit zum zweiten mal hier einstelle... @Motz1 sorry, ich habe es erst gemerkt, als ich den Artikel bereits gepostet hatte...
Das South Omo drilling in Verbindung mit den Ngamia-1 results wird zeigen, ob wir ein System mit einer Fläche in der Größe von England haben, welches Milliarden von bbls of oil für unsere kleine Africa Oil Corp. bereit hält... wow...
Was für ein Satz gimo211 !!! Laßt die Spiele beginnen !!!
http://www.independent.co.ug/business/business-news/5894-glo…
Global oil giants eye Kenya as MPs delay Uganda operations
SUNDAY, 10 JUNE 2012 15:02 BY HAGGAI MATSIKO
Hopes pinned on early passing of regulatory framework by parliament
Since Tullow Oil Chief Executive Officer Aidan Heavey announced on May 17 that neighbouring Kenya’s oil potential may be greater, frustration has intensified over Uganda’s delay to kick off fresh licensing for new exploration blocks.
Uganda suspended licensing to first put in place a sufficient legal regime but Members of Parliament scrutinising the Bills tabled in February this year to regulate the sector have not presented a report to the House for debate.
The MPs on the Natural Resources Committee which according to the law should have finished its work within 45-days and brought the Bills back to the House are two months behind schedule.
The experts say Uganda’s delay in drafting the Bills, passing them, and awarding exploration licenses for new blocks is driving big investors away.
The delay by Uganda has become a big issue and Tullow, which is the main driver in the exploration sector, is seeking to assure investors that Kenya will be different.
“We are pretty confident that we can move pretty fast in Kenya if we prove up the commercial amount of oil,” Heavey told reporters at the May meeting in London according to Bloomberg.
Industry experts say even if Kenya finds more oil, it is a long way from confirming its commercial viability unlike Uganda where Tullow, Total and CNOOC already have deals for 2.5 billion barrels of confirmed resources. The story could change if Kenya moves faster or Uganda’s delays persist.
Delay of the Bills is the latest hurdle exploration companies face in Uganda. Even production first hit a snag after Tullow’s farm-down to Total and CNOOC was held back for almost two years following a spate of tax disputes between it, the government and its former exploration partner, Heritage oil and allegations of bribery by members of parliament.
Kenyan officials say they have learnt from the Ugandan experience and will not repeat its mistakes but the country finds itself with a Petroleum Act as old as 1986 and could face similar challenges as Uganda.
Kenya has announced eight offshore exploration blocks that are attracting international oil giants like Exxon Mobil and Royal Dutch Shell.
But Ernest Rubondo, the Commissioner, Petroleum Production and Exploration Department (PEPD), says it is not true that investors are deserting Uganda because as many as 50 companies have applied for the new exploration licenses.
He says the government is working on a proper regulatory framework before awarding them and that focus should be on the big picture and not on the basis of Kenya having attracted Exxon Mobil. He says the delays by Uganda are prudential.
“Government took time to formulate the oil and gas policy that is why it has been widely accepted,” he told The Independent in an interview, “it is not true that the MPs have delayed, every week, you hear that they have come up with something new, equally they need the time to come up with a good law.”
He says while Kenya needs the likes of ExxonMobil to explore and find oil, Uganda’s challenge is not licensing but commercialising the reserves.
“Kenya is where Uganda was many years ago, it has made a find but have not established its size and its commercial viability, Uganda is at a different stage, we have established the quantity of our reserves and we are looking at commercialising them” Rubondo says. “Those big investors also need to be regulated, and for you to do so you need good laws in place which is what the MPs are working on.”
The Natural Resources Committee, which is scrutinising the Bills was supposed to finish in April according to the law.
Committee member, Theodore Ssekikubo (MP Lwemiyaga) in a recent interview with Daily Monitor revealed that they want to move quickly but face challenges.
“All the components of these Bills seem to be scattered and that is why we are trying to get together to see how we can have an input in expediting their passing,” he is quoted to have said.
Critics have pointed out a number of problems with the Bills notably that they vest a lot of powers in the minister in charge of oil and do not put in place sufficient checks to make the minister accountable.
“For instance although the Bills put in place an oil a Petroleum Authority and a National Oil Company, these are not defined and not insulated against political influence and the authority’s autonomy is subject to the control of the minister,” Shem Byakagaba, a local consultant on the Bills has notes “another big concern is that these bills also undermine the role of parliament.” Byakagaba is among the experts that have been reviewing the laws with the MPs.
Rubondo also says that for the MPs to come up with good laws they should be given ample time.
The two Bills—the Petroleum Exploration, Development and Production Bill tabled on Feb.8 and the Petroleum Refining, Gas Processing and Conversion, Transportation and Storage Bill tabled on Feb. 15 —were supposed to be brought back to the House on April 10 and 18 respectively.
Hopefully, they will be tabled as soon as Parliament settles down to business after the June 7 State of the Nation address and the reading of the budget.
In Kenya meanwhile, excitement is growing over its latest licence offers and speculation that the country’s oil finds might be bigger than erstwhile favourite Uganda.
An official of Weatherford, one of Tullow’s sub-contractors in oil drilling and other exploration activities in Ugandas and Kenya, told The Independent that Kenya’s finds so far are more promising than Uganda’s.
Tullow said in May that Ngamia-1’s column of oil is the largest oil-bearing section Tullow has found in a single well. “It’s only one well in an area nearly the size of England,” he noted.
Following Kenya’s discovery, The East African reports that Total, which acquired a 33 percent stake in Tullow oil Uganda’s assets in the Albertan Grabben, has acquired 40 percent in five exploration areas in Kenya and is in negotiations with the government to explore another one of the eight new blocks.
The East African adds that global oil giants ExxonMobil, Apache Corporation, U.S’s Anadarko, Royal Dutch Shell and Norway’s Statoil are also eyeing the new exploration sites.
Reports indicate that Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) found natural gas in its Anza Basin in 1976. And geologists believe the country might hit gas in its new blocks because its coastline shares the same geological formation with some of the exploration blocks found in Tanzania where huge deposits of gas were discovered, which partly explains the rush.
On the Uganda side, the exploration side has gone cold and two oil companies—Neptune Oil and Dominion Oil—have this year had to pack and leave after years of exploration and hitting dry wells.
All eyes now are on Tullow and its partners, CNOOC and Total starting the production phase which includes construction of a mini-refinery for local demand and a pipeline through Kenya for export of crude.
On the other hand if Kenya which already has a refinery and coastline hits commercial reserves oil offshore, it would be a Ghana experience for the oil companies—where the oil is drilled on the ocean with an FPSO—a vessel that drills oil, produces and stores it and its shipped to the international markets.
Global oil giants eye Kenya as MPs delay Uganda operations
SUNDAY, 10 JUNE 2012 15:02 BY HAGGAI MATSIKO
Hopes pinned on early passing of regulatory framework by parliament
Since Tullow Oil Chief Executive Officer Aidan Heavey announced on May 17 that neighbouring Kenya’s oil potential may be greater, frustration has intensified over Uganda’s delay to kick off fresh licensing for new exploration blocks.
Uganda suspended licensing to first put in place a sufficient legal regime but Members of Parliament scrutinising the Bills tabled in February this year to regulate the sector have not presented a report to the House for debate.
The MPs on the Natural Resources Committee which according to the law should have finished its work within 45-days and brought the Bills back to the House are two months behind schedule.
The experts say Uganda’s delay in drafting the Bills, passing them, and awarding exploration licenses for new blocks is driving big investors away.
The delay by Uganda has become a big issue and Tullow, which is the main driver in the exploration sector, is seeking to assure investors that Kenya will be different.
“We are pretty confident that we can move pretty fast in Kenya if we prove up the commercial amount of oil,” Heavey told reporters at the May meeting in London according to Bloomberg.
Industry experts say even if Kenya finds more oil, it is a long way from confirming its commercial viability unlike Uganda where Tullow, Total and CNOOC already have deals for 2.5 billion barrels of confirmed resources. The story could change if Kenya moves faster or Uganda’s delays persist.
Delay of the Bills is the latest hurdle exploration companies face in Uganda. Even production first hit a snag after Tullow’s farm-down to Total and CNOOC was held back for almost two years following a spate of tax disputes between it, the government and its former exploration partner, Heritage oil and allegations of bribery by members of parliament.
Kenyan officials say they have learnt from the Ugandan experience and will not repeat its mistakes but the country finds itself with a Petroleum Act as old as 1986 and could face similar challenges as Uganda.
Kenya has announced eight offshore exploration blocks that are attracting international oil giants like Exxon Mobil and Royal Dutch Shell.
But Ernest Rubondo, the Commissioner, Petroleum Production and Exploration Department (PEPD), says it is not true that investors are deserting Uganda because as many as 50 companies have applied for the new exploration licenses.
He says the government is working on a proper regulatory framework before awarding them and that focus should be on the big picture and not on the basis of Kenya having attracted Exxon Mobil. He says the delays by Uganda are prudential.
“Government took time to formulate the oil and gas policy that is why it has been widely accepted,” he told The Independent in an interview, “it is not true that the MPs have delayed, every week, you hear that they have come up with something new, equally they need the time to come up with a good law.”
He says while Kenya needs the likes of ExxonMobil to explore and find oil, Uganda’s challenge is not licensing but commercialising the reserves.
“Kenya is where Uganda was many years ago, it has made a find but have not established its size and its commercial viability, Uganda is at a different stage, we have established the quantity of our reserves and we are looking at commercialising them” Rubondo says. “Those big investors also need to be regulated, and for you to do so you need good laws in place which is what the MPs are working on.”
The Natural Resources Committee, which is scrutinising the Bills was supposed to finish in April according to the law.
Committee member, Theodore Ssekikubo (MP Lwemiyaga) in a recent interview with Daily Monitor revealed that they want to move quickly but face challenges.
“All the components of these Bills seem to be scattered and that is why we are trying to get together to see how we can have an input in expediting their passing,” he is quoted to have said.
Critics have pointed out a number of problems with the Bills notably that they vest a lot of powers in the minister in charge of oil and do not put in place sufficient checks to make the minister accountable.
“For instance although the Bills put in place an oil a Petroleum Authority and a National Oil Company, these are not defined and not insulated against political influence and the authority’s autonomy is subject to the control of the minister,” Shem Byakagaba, a local consultant on the Bills has notes “another big concern is that these bills also undermine the role of parliament.” Byakagaba is among the experts that have been reviewing the laws with the MPs.
Rubondo also says that for the MPs to come up with good laws they should be given ample time.
The two Bills—the Petroleum Exploration, Development and Production Bill tabled on Feb.8 and the Petroleum Refining, Gas Processing and Conversion, Transportation and Storage Bill tabled on Feb. 15 —were supposed to be brought back to the House on April 10 and 18 respectively.
Hopefully, they will be tabled as soon as Parliament settles down to business after the June 7 State of the Nation address and the reading of the budget.
In Kenya meanwhile, excitement is growing over its latest licence offers and speculation that the country’s oil finds might be bigger than erstwhile favourite Uganda.
An official of Weatherford, one of Tullow’s sub-contractors in oil drilling and other exploration activities in Ugandas and Kenya, told The Independent that Kenya’s finds so far are more promising than Uganda’s.
Tullow said in May that Ngamia-1’s column of oil is the largest oil-bearing section Tullow has found in a single well. “It’s only one well in an area nearly the size of England,” he noted.
Following Kenya’s discovery, The East African reports that Total, which acquired a 33 percent stake in Tullow oil Uganda’s assets in the Albertan Grabben, has acquired 40 percent in five exploration areas in Kenya and is in negotiations with the government to explore another one of the eight new blocks.
The East African adds that global oil giants ExxonMobil, Apache Corporation, U.S’s Anadarko, Royal Dutch Shell and Norway’s Statoil are also eyeing the new exploration sites.
Reports indicate that Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) found natural gas in its Anza Basin in 1976. And geologists believe the country might hit gas in its new blocks because its coastline shares the same geological formation with some of the exploration blocks found in Tanzania where huge deposits of gas were discovered, which partly explains the rush.
On the Uganda side, the exploration side has gone cold and two oil companies—Neptune Oil and Dominion Oil—have this year had to pack and leave after years of exploration and hitting dry wells.
All eyes now are on Tullow and its partners, CNOOC and Total starting the production phase which includes construction of a mini-refinery for local demand and a pipeline through Kenya for export of crude.
On the other hand if Kenya which already has a refinery and coastline hits commercial reserves oil offshore, it would be a Ghana experience for the oil companies—where the oil is drilled on the ocean with an FPSO—a vessel that drills oil, produces and stores it and its shipped to the international markets.
!
Dieser Beitrag wurde von CaveModem moderiert. Grund: Im Ton vergriffenTrading Spotlight
Happy Monday all!!!
ready for some nice flowrates here, am sooooo excited, this is beeeeeeeeeg
Uganda playopener: 27m net pay, 12,050 BOPD
Kenya playopener: >100m net pay, ?????BOPD
hat btw jemand eine Ahnung von wievielen reservoirs wir bei Ngamia sprechen, sind die 100m netpay ein einzelnes reservoir?? sind ja lediglich 2 DSTs geplant,...
GLA
DaH
ready for some nice flowrates here, am sooooo excited, this is beeeeeeeeeg
Uganda playopener: 27m net pay, 12,050 BOPD
Kenya playopener: >100m net pay, ?????BOPD
hat btw jemand eine Ahnung von wievielen reservoirs wir bei Ngamia sprechen, sind die 100m netpay ein einzelnes reservoir?? sind ja lediglich 2 DSTs geplant,...
GLA
DaH
Wenn Africa Oil in Canada nicht die 10,077- Canadian Dollar Heute zum Börsenschluß halten kann, geht es für die Käufer in München und FFM ins Minus,
Hoffen Wir mal nur das Beste, das die Canadier von Africa Oil genau so überzeugt sind wie Anleger in Deutschland,
Nicht das es am Ende wieder einmal heißt german stupid money,
Das möchte doch keiner hier?
Hoffen Wir mal nur das Beste, das die Canadier von Africa Oil genau so überzeugt sind wie Anleger in Deutschland,
Nicht das es am Ende wieder einmal heißt german stupid money,
Das möchte doch keiner hier?
!
Dieser Beitrag wurde von akummermehr moderiert. Grund: Provokation
warum verstehst du nicht was wir alle wollen...... UNSERE RUHE VOR DIR !!!!!!!!!!!!!!!!!!!!
und auch keine gewinne realisieren.......... WEDER BEI 12 ODER BEI 14 ODER BEI 15 USD !!!!!!!!!!!
und auch keine gewinne realisieren.......... WEDER BEI 12 ODER BEI 14 ODER BEI 15 USD !!!!!!!!!!!
Interessanter Artikel zu Kenya vs. Uganda und Tullow.
Cheers to User rookey2 at interaktive investors!
---------
Global oil giants eye Kenya as MPs delay Uganda operations
Sunday, 10 June 2012 15:02 By Haggai Matsiko
Hopes pinned on early passing of regulatory framework by parliament
Since Tullow Oil Chief Executive Officer Aidan Heavey announced on May 17 that neighbouring Kenya’s oil potential may be greater, frustration has intensified over Uganda’s delay to kick off fresh licensing for new exploration blocks.
Uganda suspended licensing to first put in place a sufficient legal regime but Members of Parliament scrutinising the Bills tabled in February this year to regulate the sector have not presented a report to the House for debate.
The MPs on the Natural Resources Committee which according to the law should have finished its work within 45-days and brought the Bills back to the House are two months behind schedule.
The experts say Uganda’s delay in drafting the Bills, passing them, and awarding exploration licenses for new blocks is driving big investors away.
The delay by Uganda has become a big issue and Tullow, which is the main driver in the exploration sector, is seeking to assure investors that Kenya will be different.
“We are pretty confident that we can move pretty fast in Kenya if we prove up the commercial amount of oil,” Heavey told reporters at the May meeting in London according to Bloomberg.
Industry experts say even if Kenya finds more oil, it is a long way from confirming its commercial viability unlike Uganda where Tullow, Total and CNOOC already have deals for 2.5 billion barrels of confirmed resources. The story could change if Kenya moves faster or Uganda’s delays persist.
Delay of the Bills is the latest hurdle exploration companies face in Uganda. Even production first hit a snag after Tullow’s farm-down to Total and CNOOC was held back for almost two years following a spate of tax disputes between it, the government and its former exploration partner, Heritage oil and allegations of bribery by members of parliament.
Kenyan officials say they have learnt from the Ugandan experience and will not repeat its mistakes but the country finds itself with a Petroleum Act as old as 1986 and could face similar challenges as Uganda.
Kenya has announced eight offshore exploration blocks that are attracting international oil giants like Exxon Mobil and Royal Dutch Shell.
But Ernest Rubondo, the Commissioner, Petroleum Production and Exploration Department (PEPD), says it is not true that investors are deserting Uganda because as many as 50 companies have applied for the new exploration licenses.
He says the government is working on a proper regulatory framework before awarding them and that focus should be on the big picture and not on the basis of Kenya having attracted Exxon Mobil. He says the delays by Uganda are prudential.
“Government took time to formulate the oil and gas policy that is why it has been widely accepted,” he told The Independent in an interview, “it is not true that the MPs have delayed, every week, you hear that they have come up with something new, equally they need the time to come up with a good law.”
He says while Kenya needs the likes of ExxonMobil to explore and find oil, Uganda’s challenge is not licensing but commercialising the reserves.
“Kenya is where Uganda was many years ago, it has made a find but have not established its size and its commercial viability, Uganda is at a different stage, we have established the quantity of our reserves and we are looking at commercialising them” Rubondo says. “Those big investors also need to be regulated, and for you to do so you need good laws in place which is what the MPs are working on.”
The Natural Resources Committee, which is scrutinising the Bills was supposed to finish in April according to the law.
Committee member, Theodore Ssekikubo (MP Lwemiyaga) in a recent interview with Daily Monitor revealed that they want to move quickly but face challenges.
“All the components of these Bills seem to be scattered and that is why we are trying to get together to see how we can have an input in expediting their passing,” he is quoted to have said.
Critics have pointed out a number of problems with the Bills notably that they vest a lot of powers in the minister in charge of oil and do not put in place sufficient checks to make the minister accountable.
“For instance although the Bills put in place an oil a Petroleum Authority and a National Oil Company, these are not defined and not insulated against political influence and the authority’s autonomy is subject to the control of the minister,” Shem Byakagaba, a local consultant on the Bills has notes “another big concern is that these bills also undermine the role of parliament.” Byakagaba is among the experts that have been reviewing the laws with the MPs.
Rubondo also says that for the MPs to come up with good laws they should be given ample time.
The two Bills—the Petroleum Exploration, Development and Production Bill tabled on Feb.8 and the Petroleum Refining, Gas Processing and Conversion, Transportation and Storage Bill tabled on Feb. 15 —were supposed to be brought back to the House on April 10 and 18 respectively.
Hopefully, they will be tabled as soon as Parliament settles down to business after the June 7 State of the Nation address and the reading of the budget.
In Kenya meanwhile, excitement is growing over its latest licence offers and speculation that the country’s oil finds might be bigger than erstwhile favourite Uganda.
An official of Weatherford, one of Tullow’s sub-contractors in oil drilling and other exploration activities in Ugandas and Kenya, told The Independent that Kenya’s finds so far are more promising than Uganda’s.
Tullow said in May that Ngamia-1’s column of oil is the largest oil-bearing section Tullow has found in a single well. “It’s only one well in an area nearly the size of England,” he noted.
Following Kenya’s discovery, The East African reports that Total, which acquired a 33 percent stake in Tullow oil Uganda’s assets in the Albertan Grabben, has acquired 40 percent in five exploration areas in Kenya and is in negotiations with the government to explore another one of the eight new blocks.
The East African adds that global oil giants ExxonMobil, Apache Corporation, U.S’s Anadarko, Royal Dutch Shell and Norway’s Statoil are also eyeing the new exploration sites.
Reports indicate that Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) found natural gas in its Anza Basin in 1976. And geologists believe the country might hit gas in its new blocks because its coastline shares the same geological formation with some of the exploration blocks found in Tanzania where huge deposits of gas were discovered, which partly explains the rush.
On the Uganda side, the exploration side has gone cold and two oil companies—Neptune Oil and Dominion Oil—have this year had to pack and leave after years of exploration and hitting dry wells.
All eyes now are on Tullow and its partners, CNOOC and Total starting the production phase which includes construction of a mini-refinery for local demand and a pipeline through Kenya for export of crude.
On the other hand if Kenya which already has a refinery and coastline hits commercial reserves oil offshore, it would be a Ghana experience for the oil companies—where the oil is drilled on the ocean with an FPSO—a vessel that drills oil, produces and stores it and its shipped to the international markets.
http://www.independent.co.ug/business/business-news/5894-glo…
Cheers to User rookey2 at interaktive investors!
---------
Global oil giants eye Kenya as MPs delay Uganda operations
Sunday, 10 June 2012 15:02 By Haggai Matsiko
Hopes pinned on early passing of regulatory framework by parliament
Since Tullow Oil Chief Executive Officer Aidan Heavey announced on May 17 that neighbouring Kenya’s oil potential may be greater, frustration has intensified over Uganda’s delay to kick off fresh licensing for new exploration blocks.
Uganda suspended licensing to first put in place a sufficient legal regime but Members of Parliament scrutinising the Bills tabled in February this year to regulate the sector have not presented a report to the House for debate.
The MPs on the Natural Resources Committee which according to the law should have finished its work within 45-days and brought the Bills back to the House are two months behind schedule.
The experts say Uganda’s delay in drafting the Bills, passing them, and awarding exploration licenses for new blocks is driving big investors away.
The delay by Uganda has become a big issue and Tullow, which is the main driver in the exploration sector, is seeking to assure investors that Kenya will be different.
“We are pretty confident that we can move pretty fast in Kenya if we prove up the commercial amount of oil,” Heavey told reporters at the May meeting in London according to Bloomberg.
Industry experts say even if Kenya finds more oil, it is a long way from confirming its commercial viability unlike Uganda where Tullow, Total and CNOOC already have deals for 2.5 billion barrels of confirmed resources. The story could change if Kenya moves faster or Uganda’s delays persist.
Delay of the Bills is the latest hurdle exploration companies face in Uganda. Even production first hit a snag after Tullow’s farm-down to Total and CNOOC was held back for almost two years following a spate of tax disputes between it, the government and its former exploration partner, Heritage oil and allegations of bribery by members of parliament.
Kenyan officials say they have learnt from the Ugandan experience and will not repeat its mistakes but the country finds itself with a Petroleum Act as old as 1986 and could face similar challenges as Uganda.
Kenya has announced eight offshore exploration blocks that are attracting international oil giants like Exxon Mobil and Royal Dutch Shell.
But Ernest Rubondo, the Commissioner, Petroleum Production and Exploration Department (PEPD), says it is not true that investors are deserting Uganda because as many as 50 companies have applied for the new exploration licenses.
He says the government is working on a proper regulatory framework before awarding them and that focus should be on the big picture and not on the basis of Kenya having attracted Exxon Mobil. He says the delays by Uganda are prudential.
“Government took time to formulate the oil and gas policy that is why it has been widely accepted,” he told The Independent in an interview, “it is not true that the MPs have delayed, every week, you hear that they have come up with something new, equally they need the time to come up with a good law.”
He says while Kenya needs the likes of ExxonMobil to explore and find oil, Uganda’s challenge is not licensing but commercialising the reserves.
“Kenya is where Uganda was many years ago, it has made a find but have not established its size and its commercial viability, Uganda is at a different stage, we have established the quantity of our reserves and we are looking at commercialising them” Rubondo says. “Those big investors also need to be regulated, and for you to do so you need good laws in place which is what the MPs are working on.”
The Natural Resources Committee, which is scrutinising the Bills was supposed to finish in April according to the law.
Committee member, Theodore Ssekikubo (MP Lwemiyaga) in a recent interview with Daily Monitor revealed that they want to move quickly but face challenges.
“All the components of these Bills seem to be scattered and that is why we are trying to get together to see how we can have an input in expediting their passing,” he is quoted to have said.
Critics have pointed out a number of problems with the Bills notably that they vest a lot of powers in the minister in charge of oil and do not put in place sufficient checks to make the minister accountable.
“For instance although the Bills put in place an oil a Petroleum Authority and a National Oil Company, these are not defined and not insulated against political influence and the authority’s autonomy is subject to the control of the minister,” Shem Byakagaba, a local consultant on the Bills has notes “another big concern is that these bills also undermine the role of parliament.” Byakagaba is among the experts that have been reviewing the laws with the MPs.
Rubondo also says that for the MPs to come up with good laws they should be given ample time.
The two Bills—the Petroleum Exploration, Development and Production Bill tabled on Feb.8 and the Petroleum Refining, Gas Processing and Conversion, Transportation and Storage Bill tabled on Feb. 15 —were supposed to be brought back to the House on April 10 and 18 respectively.
Hopefully, they will be tabled as soon as Parliament settles down to business after the June 7 State of the Nation address and the reading of the budget.
In Kenya meanwhile, excitement is growing over its latest licence offers and speculation that the country’s oil finds might be bigger than erstwhile favourite Uganda.
An official of Weatherford, one of Tullow’s sub-contractors in oil drilling and other exploration activities in Ugandas and Kenya, told The Independent that Kenya’s finds so far are more promising than Uganda’s.
Tullow said in May that Ngamia-1’s column of oil is the largest oil-bearing section Tullow has found in a single well. “It’s only one well in an area nearly the size of England,” he noted.
Following Kenya’s discovery, The East African reports that Total, which acquired a 33 percent stake in Tullow oil Uganda’s assets in the Albertan Grabben, has acquired 40 percent in five exploration areas in Kenya and is in negotiations with the government to explore another one of the eight new blocks.
The East African adds that global oil giants ExxonMobil, Apache Corporation, U.S’s Anadarko, Royal Dutch Shell and Norway’s Statoil are also eyeing the new exploration sites.
Reports indicate that Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) found natural gas in its Anza Basin in 1976. And geologists believe the country might hit gas in its new blocks because its coastline shares the same geological formation with some of the exploration blocks found in Tanzania where huge deposits of gas were discovered, which partly explains the rush.
On the Uganda side, the exploration side has gone cold and two oil companies—Neptune Oil and Dominion Oil—have this year had to pack and leave after years of exploration and hitting dry wells.
All eyes now are on Tullow and its partners, CNOOC and Total starting the production phase which includes construction of a mini-refinery for local demand and a pipeline through Kenya for export of crude.
On the other hand if Kenya which already has a refinery and coastline hits commercial reserves oil offshore, it would be a Ghana experience for the oil companies—where the oil is drilled on the ocean with an FPSO—a vessel that drills oil, produces and stores it and its shipped to the international markets.
http://www.independent.co.ug/business/business-news/5894-glo…
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