World Bank dims Turkana oil hopes

What you need to know:

  • Kenya has in recent years increasingly banked on its oil finds in Turkana to support its tightening fiscal space and boost economic growth in the medium and long term.
  • But the ongoing diminishing support for fossil fuels means the price of crude is likely to remain flat or even drop in near and mid-term as more clean alternatives such as electric engines become less costly.
  • Locally, the World Bank is offering technical support to the Kenyan government, through the Kenya Petroleum Technical Assistance Project, to prime all stakeholders for commercial oil production and sale.

The World Bank’s announcement that it will cease financing oil and gas explorations after 2019 has signalled a looming dampening of enthusiasm for what has been one of the world’s most valuable minerals and cast dark clouds over Kenya’s budding oil industry.

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