CNOOC Operations in Kenya

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In 2007, China National Offshore Corporation (CNOOC) was the largest investor in oil exploration in Kenya.[1] CNOOC had holdings in six of Kenya's then 22 exploration blocks.[2] In 2004 CNOOC signed exclusive agreements with the Kibaki administration, under which all other oil companies were asked to enter into joint venture projects or "farm-ins" with CNOOC.[3] Among others, CNOOC was the operator of Blocks L2, 10A and 9, in which it cooperated with Lion Energy Corp and Africa Oil Corp.[4] However, CNOOC failed to find commercial quantities of oil, and has since sold all of its Kenyan holdings, leaving Tullow Oil and Anadarko as the leading operators.[5] Instead, CNOOC has decided to cut its losses, and to invest in Uganda, where oil has also been discovered.[6]

References

  1. CNOOC quits Kenya oil drill and heads for Uganda" Business Daily, 24 September 2010
  2. CNOOC quits Kenya oil drill and heads for Uganda" Business Daily, 24 September 2010
  3. CNOOC quits Kenya oil drill and heads for Uganda" Business Daily, 24 September 2010
  4. CNOOC plans to drop two Kenya exploration licences after finding nothing" Bloomberg, 21 October 2010
  5. CNOOC quits Kenya oil drill and heads for Uganda" Business Daily, 24 September 2010
  6. CNOOC plans to drop two Kenya exploration licences after finding nothing" Bloomberg, 21 October 2010