- What has been holding Kenya's progress in the upstream oil sector?
- Will Kenya finally realise its oil export dream in 2027, or could it be deferred again?
In the past year, the Kenyan currency has depreciated, losing more than 21% of its value, significantly increasing the cost of imports. Data indicates that from January to August 2023, Kenya spent an average of $330 million per month, drawing about 34% of its forex reserves in the 8 months.
This has prompted Kenya to explore alternative methods to boost its export revenue to ensure a stable supply of dollars. As a result, the government is reexamining the country's oil production capabilities to cushion its shrinking forex reserves.
Kenya's oil export dream started in 2012 when the first commercial-scale oil deposits were discovered in Turkana. However, almost 12 years later, the oil remains underground, and the export dream appears more distant than the
