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Camac Energy to Invest $35 Million in Kenya Exploration

Source: Reuters 6/20/2013, Location: Africa

U.S. company Camac Energy will invest 3 billion Kenyan shillings to prospect for oil and gas in four blocks in Kenya, it said. Commercial quantity oil discoveries in Uganda, promising oil finds in Kenya and gas found off Tanzania and Mozambique have drawn explorers to east Africa, now seen as a potentially major new producing region.

Camac's blocks cover an area of about 37,000 square kilometres and two of them, L27 and L28, are located in waters more than 3,000 metres deep in the Lamu Basin of the Indian Ocean. "This is quite significant considering that undertaking oil and gas exploration operations, particularly in deep waters, is very capital intensive," said Kenya's cabinet secretary at a ceremony to open the local offices of Camac.

London-listed Tullow Oil is testing the commercial viability of a promising oil find it struck in the far north county of Turkana. Tullow's partner in two blocks in Turkana is the Canadian-listed Africa Oil Corp.

For more information about related Opportunities and Key Players visit East Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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