Gulf Energy Acquires Sh2bn Oil Rig as KPC IPO is Extended and KOKO Networks Assets are Sold - February 2026

Gulf Energy E&P BV has acquired an onshore oil drilling rig valued at over Sh2 billion ($15 million) for the Lokichar oil project. The company aims for first oil production by the end of this year, with the rig expected in Kenya by next month. In other energy sector news, the Kenya Pipeline Company (KPC) initial public offering (IPO) has been extended by three days to February 24, 2026. The extension was prompted by the state-owned firm's struggle to reach its Sh106.3 billion sales target due to low uptake. Separately, PwC is overseeing the sale of clean-energy firm KOKO Networks Limited's assets as part of a rescue plan. KOKO Networks entered administration after it failed to secure regulatory authorization for its carbon credit export business.