Tuesday, October 24, 2017

China National Offshore Oil Corporation ditches Kenya pair

October 24, 2010 by  
Filed under Oil News

China National Offshore Oil Corporation (CNOOC) is pulling out of its two Kenyan licences but wants a 20% stake in another five blocks to be operated by Tullow Oil, a Kenyan government official said today.

News wires –  CNOOC spudded a well in Kenya’s Block 9 in partnership with Canada’s Africa Oil and Taiwan’s China Petroleum Corporation, which showed seven horizons of gas prospects. It tested four of them, Patrick Nyoike, permanent secretary at energy ministry, told Reuters.

“CNOOC is pulling out by December. I believe Africa Oil will remain because they have expertise in oil exploration. CNOOC was in L2, which they are also surrendering. My best bet is they don’t have expertise for oil exploration,” he told Reuters.

“They believe the consortium by Tullow and Africa Oil is better suited for this.”

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