Oil firm tells of major potential

Kenya, Uganda, and Ethiopia hold “enormous” potential for Tullow Oil in the coming years, the Irish-founded exploration firm’s chief executive Aidan Heavey has said.

The London-headquartered company’s initial drilling activity in Kenya has indicated over 300m barrels of oil, leading management to suggest the country — where Tullow has a land base larger than the North Sea — is looking even better than Uganda.

Early estimates suggest gross oil production from the assets in which Tullow holds shares in Kenya and Uganda could top 500,000 barrels a day by 2018.