Thread by @KCSPOG

Kenyan Oil Compared to Other Countries

Thread

#UlizaUsichezwe

What do you think of when you think of Kenyan oil?

How much oil do you think Kenya has and how much do you think it is comparatively against other countries in Africa and in the world?

#UlizaUsichezwe

Kenya has 560 million barrels of proven and probable reserves of oil.

This seems large until you compare it with other countries eg Ghana has 5 Billion barrels and Nigeria has 37.2 billion barrels.

#UlizaUsichezwe

Internationally, Saudi Arabia produces 11.75 million barrels per day. United States – 10.59 million barrels per day. Russia – 10.3 million barrels per day.

Kenya has an estimated production of 60,000 barrels per day, which pales in comparison.

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust In Africa, Nigeria produces 2.35 million barrels of oil per day. Angola - 1.82 million barrels of oil per day. Republic of Congo - 277,000 barrels per day.

Kenya has an estimated production of 60,000 barrels per day which is comparatively tiny

#UlizaUsichezwe.

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust When you compare African countries with multiple times Kenya's oil production capacity vis-à-vis their populations, an even clearer picture emerges that Kenya has way less oil with a way larger population

Kenya needs to be extremely prudent!

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust @TISAKenya @HakiKNCHR @Extractives_ke Kenya’s budget shortfall (Ksh 600 billion) is 500 times the $12 million earnings from the first consignment of oil sold from the Early Oil Pilot Scheme, which was drilled for over a year.

Nigeria made $26 billion over their first seven months.

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust @TISAKenya @HakiKNCHR @Extractives_ke With projected annual peak earnings of 150 billion starting 2022, oil would be one of Kenya's top foreign exchange earners, if and only if, Kenya can account for all the revenue and use it for development.

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust @TISAKenya @HakiKNCHR @Extractives_ke An @oxfaminKE report suggests that Kenyan oil will be depleted in 23 years while @IEAKenya
estimates 25 years. That's within our lifetimes!

That’s how little time we have to harness the benefits from oil.

This is why accountability in oil matters!

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust @TISAKenya @HakiKNCHR @Extractives_ke @IEAKenya @FoLTurkana @Article43Kenya Kenya’s population is expected to grow to 54 million by 2022, just around the same time oil is expected to be commercially produced.

Accountability will ensure that oil money works for Kenyans

#UlizaUsichezwe

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust @TISAKenya @HakiKNCHR @Extractives_ke @IEAKenya @FoLTurkana @Article43Kenya Kenya’s oil, while hard to transport, is expected to be high quality crude oil, which fetches a premium price.

Smaller reserves highlight the need for need to be astute with earnings.

#UlizaUsichezwe

standardmedia.co.ke/article/200123…

@Maskani254 @oxfaminKE @IILAinfo @TIKenya @katibainstitute @KLandalliance @MutemiWaKiama @naturaljustice @HakiMadiniKenya @hakijamiitrust Clarification:

Uganda hasn't started producing oil yet. The numbers presented here are based on projected production

#UlizaUsichezwe