Canadian oil exploration firm Africa Oil announced a five-fold increase in its estimate of the oil reserves in Turkana County's South Lokichar Basin after a year of testing in the area, Kenya's Daily Nation reported Tuesday (September 3rd).
The tests indicate that South Lokichar Basin contains about 368 million barrels of oil, an amount that surpasses the threshold for commercial development, Africa Oil Chief Executive Officer Keith Hill said.
Africa Oil estimates that the South Lokichar Basin area could contain over a billion barrels of oil.
The Canadian company has been prospecting the area with London-based exploration firm Tullow Oil, which announced last month that Kenya's oil reserves are commercially viable. The Ministry of Energy and Petroleum, however, is requiring a minimum number of wells be drilled before production begins.