Sunday, 8 September 2013
Kenya has offered interested
Nigerian investors in the oil and gas industry its 46 newly-discovered oil blocs for development.
The Minister of Petroleum Resources for Nigeria Diezani Alison-Madueke, announced this
on Saturday in Nairobi.
The minister said that the offer was part of the outcome of the dialogue
group preceding the Nigeria-Kenya Investment Forum held on Friday in
Nairobi.
President Goodluck Jonathan, who concluded a three-day state visit to Kenya
on Saturday, and his host, President Uhuru Kenyatta, presided over the
forum.
More than 500 prominent investors from both
countries were in attendance.
Aboard a fleet of seven private jets headed for Nairobi were influential Nigerian magnates who flew in as delegates.
The Minister said that beyond giving the opportunity to Nigerian investors to
acquire the oil wells, Kenya also sought Nigeria’s assistance in the formulation
of right policies and framework to manage the sector.
"It is well known now that Kenya had recently discovered hydro-carbon
reserves and they are very keen to move quite aggressively in terms of
exploration activities.
"They felt as sister African country, Nigeria, having many years of oil
exploration and production, that it only makes sense that we exchange agreement
in cooperation to hand over knowledge, capabilities and experience learnt".
The minister said that among the seven MoUs and bilateral Agreements signed
by both countries was that on Oil and Gas which spelt out details of the
co-operation.
Kenya recently announced that its oil resources met the threshold for
commercial exploitation, raising the country’s hope of joining the league of
oil-producing nations.
Specifically, Africa Oil, a Canadian oil and gas company, together with
British explorer, Tullow Oil Plc, had estimated Kenyan oil reserves at 368
million barrels, a level capable of commercial exploitation.
Minister of Trade and Investments Olusegun Aganga said the maiden economic
forum between Nigeria and Kenya had recorded a huge success in terms of trade
and economic development between both countries.
He said the forum was a door opener to new range of opportunities that would
increase the volume of trade and value of investments between Nigeria and Kenya,
which had hitherto so low.
Nigerian business mogul and Forbes Magazine richest black person in the
world, Alhaji Aliko Dangote, who led the Nigerian delegation and chaired the
dialogue group, said a number of Nigerian investors would be willing to invest
in the oil sector in Kenya.
Dangote, at the forum, announced the decision of his conglomerate to invest
400 million dollars (about N64 billion) in cement production in Kenya
The CEO of Forte Oil and Zenon Oil, Femi Otedola, Forbes Magazine’s 26th
richest African and Chairman of
Honeywell Group, Oba Otudeko, prominent bankers and investors, Jim Ovia and
Tony Elumelu were in the Nigerian delegation to the forum.
Minister of Culture and Tourism Edem Duke said more than 70 per cent of
interest by the Kenyan business men at the forum was focussed on tourism.
He said the sector, a greenfield and new frontier with low entry barrier,
aroused the interest on many Kenyan business men and women.
According to him, the area of focus would be wild life development,
horticulture, hospitality, training, leisure and entertainment facilities. (NAN)
