This from Smalltimer on the FAR thread. Makes PVD's recent Gabon acquisition look very timely.
Kenya, Mauritania, Gabon rated top for oil, gas potential. Posted feb 15 2013
Kenya has been ranked among the top three African countries where huge oil and gas deposits are likely to be discovered this year, giving hopes to explorers who have heightened drilling in the country.
Paris-based lender BNP Paribas Bank rated Kenya, Mauritania and Gabon as the most promising exploration hotspots.
Bankers and mining analysts project that over $300 million will be spent in Kenya on exploration activities this year by prospecting firms, especially after last year’s discoveries of crude oil onshore by Tullow Oil Plc and Apache Corporation natural gas offshore find.
“Recent exploration efforts have only scratched at the surface of these areas and we feel that their full potential remains underappreciated,” said the bank in a research note to investors.
Two oil and gas wells were expected to be sunk this month in Lamu in a fresh round of drilling activity, which is projected to significantly increase in the next 12 months.
Anadarko Petroleum Corporation had indicated it would from January 3, sink two oil and gas (hydrocarbons) offshore wells in Lamu, off the coast of Kenya.
The country expects drilling of eight more wells later in the year as BG Group, Afren Plc, Ophir Energy, Africa Oil Corporation and Vanoil Energy among other firms intensify their search for hydrocarbons in what oil and gas experts said could greatly transform global energy flows.
Analysts, led by Australian consulting firm Hartleys, project that drilling activity will increase in offshore Kenya with up to 10 wells expected this year.
Tullow Oil, a London Stock Exchange listed firm, plans to drill at least seven of the 10 wells in Kenya.
Taipan Resources Inc is set to start a survey of exploration area 2B in North-Eastern Kenya at the end of this month.
Growth strategy
Aidan Heavey Tullow Oil’s chief executive officer said the firm expects to maintain its exploration-led growth strategy in countries where it operates especially after establishing Kenya as a new hydrocarbon province.
Investment bank Fox-Davies Capital anticipates room for growth of Tullow Oil with regards to its East African portfolio, especially in Uganda where there is significant potential, and in Kenya where discoveries have been made recently.
