Norwegian oil firm Statoil ASA has joined over 24 firms pursuing the Kenyan oil, according to reports by Morgan Stanley.
The investment bank said that Kenya was in talks that may lead to Statoil seizing the unlicensed block L26 in Kenya’s deep offshore.
With a total revenue of Ksh 10 trillion ($119 billion), the company operates in 6 African states; Egypt, Tanzania, Ghana, Algeria, Libya and Angola.
For more on Statoil’s oil search in Kenya: Business Daily
Second major discovery in Tanzania
Last month, Statoil and partner ExxonMobil found 3 trillion cubic feet (Tcf) gas in their Lavani well 2,400m under the sea, and added 1Tcf of gas to the Zafarani discovery.
East Africa is now the world’s fastest growing gas hubs with the U.S Geological Survey estimating that 253 trillion cubic feet might be lying in Kenya, Tanzania, and Mozambique.
Statoil is an international energy firm with over 40 years of experience from oil and gas exploration on the Norwegian continental shelf. The firm is listed on the New York and Oslo stock exchange, and operates in 37 countries.