Kenya’s Nock Steps Up Investment
The National Oil Corporation of Kenya (Nock) will begin onshore drilling and plans to open nearly 200 retail stations as part of the company’s effort to expand its footprint in the country. The national oil company is also expected to be listed on both the Nairobi and London Stock Exchanges, with a target to raise $1 billion, according to Kenya’s Daily Nation.
Nock plans to select a partner within the year to begin onshore drilling operations, already owning acreage in block 14T in the Tertiary Rift Basin.
Though the company currently only holds about 5 percent of the downstream retail market, according to Reuters, that could change as Nock implements an aggressive investment plan for the downstream. In total, the company plans to open 185 new retail stations within three years, which would double its share in the retail market. Many of the new stations are expected to opened directly with Kenyans using a franchising model.
The company is also taking a more active role in the development activities in the Lokichar basin, according to Reuters. In early April, Nock signed an agreement with oilfield services giant Schlumberger to complete a field development plan on behalf of the government for blocks currently held by international investors Tullow Oil, Africa Oil and Maersk. Nock still has the potential to acquire a stake in blocks 10BB and 13T.