Apache Corporation has revealed that it will drill Kenya’s first deepwater oil well, the Mbawa well, next month
Apache and its partners, including Tullow Oil, have said that seismic data and slicks on the Indian Ocean indicate an oil strike is highly likely.
A potential 700 million barrels of oil are being targeted.
An oil strike could increase Apache’s reserves by 10 per cent, which owns a 50 per cent stake in the well.
“What we are looking at in this well is to see if we can actually change the paradigm” in what’s been a gas-prone area, Tullow’s chief financial officer, Ian Springett, told Bloomberg. “It’s a high-risk, high-upside well.”
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