Kenya's president signed on March 12 a long-awaited petroleum bill into law to regulate oil exploration and production and outlining how revenues will be shared between the government, local communities and companies.
Tullow Oil Plc and its partner Africa Oil Corp. discovered commercial reserves in the Lokichar Basin in 2012. The companies are working towards a final investment decision (FID) by the end of this year.
The legislation is required for large-scale oil production but has been delayed by the tussle between layers of government and residents of Turkana, the poor northern region of Kenya where oil was found, over how revenues are shared out.
An earlier draft passed by parliament in 2016 was never signed by President Uhuru Kenyatta.
Of the revenues due to the state, the bill signed on March 12 allocates 20% to local government, 5% to communities living where oil was found and 75% to central government. An earlier draft gave 10% to the communities.
The bill also said parliament would review the percentages within 10 years.
New environmental regulations resulting from Senate Bill 181 in Colorado have chilled investment in the state's oil and gas fields as companies grapple with how local officials will respond to a law giving them more power to restrict energy production.
Occidental Petroleum, the holder of the largest net acreage of drilling rights in the Permian Basin, pins hopes on EOR using captured greenhouse gases.
The SEC says Luca International Group hit up investors for the E&P while hiding huge losses. Luca’s founder is accused in a federal suit of using investor funds on a $2.5 million house.