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British company Tullow Oil announced the discovery of new oil fields in South Twig pit-1, in northern Kenya. Deposits are located 30 km west of pit Ngam-1.
Tullow Oil representatives specified that drilling activities are ongoing and the results will be announced later this month, due to delays caused by some technical problems of the operated platform. British company owns 50% of South Twig pit-1, remaining shares returning to Canadian company Africa Oil.
This is the second pit to be tested as part of the extensive drilling action that takes place in Kenya and Ethiopia. Is the first oil discovery from the one made at Ngam-1. Drilling is expected to continue to a depth of three kilometers, targeting the same layers and tanks as Ngam-1.
Tullow Oil is also drilling Paipai-1 pit in the land of Marsabit from the North of Kenya, with a total depth of over four kilometers. The company owns seven exploration licenses wich they are operating with Africa Oil in Nord and West of African state.
If extraction will prove commercially viable, the new deposit increase Kenya chances to become, in the near future, a country producer and exporter of crude oil. Analysts recommend government to ensure transparency of extraction and distribution of income.

Source: www.bursa.ro
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