An oil rig. Starting June, Kenya is expected to join 44 other countries across the world as a net exporter of crude oil. The country’s total oil reserves are estimated at 750 million barrels, commercially viable at the current price of $53.11 a barrel. PHOTO|FILE
Kenya’s oil dollars from its pilot scheme, which starts in the next two months, will go directly to the Treasury accounts, government officials have said. This comes even as the Treasury plans to establish and operationalise a sovereign wealth fund.
Starting June, Kenya is expected to join 44 other countries across the world as a net exporter of crude oil, with Tullow Oil initially expected to produce 2,000 barrels of crude oil per day for export, peaking at 80,000 barrels once a pipeline is up and running.
