Drilling to Increase off Kenyan Coastline
Rhonda Moniz
May 17, 2012
The Kenyan government, in a move by the Ministry of Energy, published an official gazette recently announcing notice of eight new offshore sites. With these eight new sites the total number of exploration blocks in the country is now 46. With the increase in oil and gas exploration off the Kenyan coastline, corporations are jockeying to negotiate with the government. These negotiations will be for the rights to explore the area with depths between 3,000 and 4,000 meters. The Australian company FAR is slated to raise $15.04 million to fund oil and gas exploration off the Kenyan coast. Funding for the company will be raised through the placement of 280 million shares…