Africa Oil, an international oil and gas exploration and development company, is set to earn revenues from Kenya’s first oil export to China. The first shipment of 240,000 barrels of oil to Asia took place in August 2019 and generated KSh1.2 billion in revenue.
The Canada-based energy firm has interests in Kenya, South Africa, and Nigeria. It is one of the companies tasked with exploring and developing oil fields in the South Lokichar Basin in Northern Kenya. The company has made numerous oil discoveries in the South Lokichar Basin where it expects to gain from the development and exploration of the commodity.
An independent firm estimates Kenya’s oil reserves at 766 million barrels.
Africa Oil Corp. has a 25% working interest in Blocks 10BB and 13T at the South Lokichar Basin. Tullow Oil plc holds 50% of the working interest and runs the operations at Blocks 10BB, 13T, and 10BA while Total S.A. holds the remaining (25%) interest.
Furthermore, the Canadian firm is awaiting approval from the Nigerian government to acquire part of Akpo, Egina, and Agbami offshore oil fields.
Africa Oil is listed on the Toronto Stock Exchange and on Nasdaq Stockholm.