Joyce-Ann Wainaina

CEO's Profile

Theme | Drivers of the real economy
Topic | Oil and Gas
MONTH | February 2015

Discussion Focus Area:

  • Leveraging Kenya’s crude oil find and regional position to boost trade and investment

  • The changing “energy mix” where oil and gas and renewable energy correlate

  • The role of financial sector players (banks, capital markets, private equity) in promoting sustainable growth and mitigating risks associated with the sector.

  • Opportunities for entrepreneurs, micro and SMEs to add value across the oil and gas supply chain

Overview:

With increased discoveries since the country’s first crude oil find in 2012, Kenya has adopted an aggressive policy towards exploring domestic oil and gas capacities, as well as promoting trade and investment in the sector.

Although the oil and gas policy and legal framework is still taking shape, according to Bloomberg the Government has licensed more than 20 companies to hasten exploration and production -- so as to meet local demand for energy and stimulate economic development, as well as generate revenue. “The country may start producing oil at the end of the decade, as it aims for quicker production of natural gas to first meet domestic power-generation needs before any surplus supplies can be exported,” cites the article.

Meanwhile, the “resource curse” that oil dependency causes continues to be debated as Kenyans anticipate economic growth, job creation and improved quality of life standards that often come with sectoral growth.