Kenya’s Gulf Energy affirms its commitment to invest US$ 6bn and maintain world-class standards in the Turkana Oil production journey
NAIROBI, Kenya Feb 13 - A local petroleum exploration and production firm has pledged to maintain international best practice in the production of crude Kenya breaking news | Kenya news today |..
✨ Key Highlights
Kenya's Gulf Energy E&P BV has affirmed its commitment to invest US$6 billion in the Turkana oil production project, aiming to achieve crude oil production by December 1, 2026, while upholding international best practices.
- The firm, represented by Chairman Mr. Francis Njogu, will invest nearly US$6 billion in this project, which he described as the most significant private-sector driven upstream petroleum investment in Kenya’s history.
- Gulf Energy E&P BV pledges adherence to world-class standards and strong emphasis on local content, community engagement, and social investments, targeting crude oil production by December 1, 2026.
- The Government of Kenya projects potential earnings between USD 1.05 billion and USD 2.9 billion over the project's life, with Parliament expected to deliberate on the Field Development Plan (FDP) and Production Sharing Agreements (PSCs).
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Kenya's Food Import Bill Rises to Sh288B; Treasury Targets 82% Domestic Borrowing Amid US$6B Oil Investment - February 2026
Kenya's food import bill increased by Sh4.8 billion to reach Sh288.1 billion last year, reversing a previous decline due to renewed drought pressures. In its fiscal policy, the National Treasury of Kenya plans to significantly increase domestic borrowing, targeting 82 percent of its gross borrowing from the local market under its 2026–2029 strategy. On the investment front, Kenya's Gulf Energy E&P BV has affirmed its commitment to invest US$6 billion in the Turkana oil production project. The company aims to achieve crude oil production by December 1, 2026.
