Kenya is a very attractive country for oil and gas exploration and as a key energy consumer. In East Africa, including Kenya, offshore exploration work is being aggressively pursued by a number of major international companies. Major gas discoveries and one oil discovery have been made in recent years offshore Mozambique and Tanzania, south of Kenya and drilling activity continues to increase. Kenya itself currently has no indigenous oil or gas production.
Kenya has a need to reduce its own energy imports by converting its oil-fired electricity generators to indigenous clean gas. Its proximity to the expanding energy markets of East Africa and the Asian sub-continent mean there are additional markets available for immediate product uptake.
Offshore Kenya is becoming very active for oil exploration, with the recent entry of major companies including BG Group, Apache, Tullow and Anadarko; some of these are Pancontinental's partners through farmin and in new projects.
Both oil and gas are exploration targets offshore Kenya. Pancontinental holds interest in four licence areas offshore Kenya.