Kenya could earn up to Sh371bn from proposed oil development in Blocks T6 and T7, Treasury
NAIROBI, Kenya Feb 18 – The National Treasury has projected that Kenya could earn up to Sh371 billion in oil revenues over the life of the proposed Field Kenya breaking news | Kenya news today |..
✨ Key Highlights
The National Treasury projects Kenya could earn between Sh136 billion and Sh371 billion from proposed oil development in Blocks T6 and T7 over the project's lifespan. Cabinet Secretary for the National Treasury, John Mbadi, assured lawmakers the development would not create public debt for the government.
- Kenya stands to earn between USD 1.05 billion (Sh136 billion) at $60 per barrel and USD 2.9 billion (Sh371 billion) at $70 per barrel.
- Cabinet Secretary for the National Treasury, John Mbadi, clarified that the Financing of exploration, development, and production remains the sole responsibility of the contractor.
- Contractors have requested fiscal concessions totaling USD 1.331 billion (Sh173 billion), which, if granted, would reduce the Government's net cash flow from USD 3.485 billion to USD 1.047 billion at a base oil price of $60 per barrel.
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Kenya Details Economic Initiatives Including PAYE Cut Proposal, Carbon Registry, and Projected Oil Earnings - February 2026
The Kenya Bankers Association (KBA) has urged the government to implement a 5% reduction in Pay As You Earn (PAYE) taxes across all income brackets. This move is projected to save salaried Kenyans approximately Sh28 billion, boosting disposable incomes. In a separate initiative, Kenya is launching a National Carbon Registry to bolster its climate finance infrastructure. The new system aims to provide a transparent and verifiable platform for tracking carbon credits and enhancing participation in global carbon markets. Furthermore, The National Treasury projects Kenya could earn between Sh136 billion and Sh371 billion from proposed oil development in Blocks T6 and T7. Cabinet Secretary for the National Treasury, John Mbadi, assured lawmakers the development would not create public debt for the government.
