Gulf Energy acquires over Sh2bn oil rig for Lokichar project
The GW70 onshore oil rig was secured from Great Wall Drilling Company in the United Arab Emirates under a long-term lease arrangement and is expected to arrive in Kenya before the end of next month. Kenya breaking news | Kenya news today |..
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Gulf Energy E&P BV has acquired an onshore oil drilling rig valued at over Sh2 billion ($15 million) for the Lokichar oil project, aiming for first oil production by the end of this year. The GW70 rig, secured from Great Wall Drilling Company (GWDC), is expected to arrive in Kenya by next month.
- The GW70 onshore oil rig was acquired under a long-term lease arrangement.
- Gulf Energy Chairman Francis Njogu stated the company has a contractual agreement with GWDC to deliver, commission, and operate the rig, including skills transfer to local personnel.
- A high-level technical delegation from the Government of Kenya and the Turkana County Government recently inspected the rig in Abu Dhabi, with Gulf Energy already making strategic investments totaling $6 billion ahead of parliamentary ratification of its Field Development Plan (FDP).
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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.
