{"id":2513,"date":"2015-02-12T09:21:27","date_gmt":"2015-02-12T09:21:27","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=2513"},"modified":"2015-09-07T12:33:48","modified_gmt":"2015-09-07T12:33:48","slug":"national-oil-corporation-raise-funds-back-blocks-10bb-13t","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/national-oil-corporation-raise-funds-back-blocks-10bb-13t\/","title":{"rendered":"National Oil Corporation to raise funds to back-in in Blocks 10BB and 13T"},"content":{"rendered":"

Nearly eight months after OilNews Kenya published<\/a> that the National Oil Corporation of Kenya (NOCK) was internally discussing exercising its right to back-in in Blocks 10BB and Block 13T the government backed explorer has said it is raising $2 billion to take stakes in the two blocks.<\/p>\n

According to Reuter<\/a>s citing the firm\u2019s spokesman Joram Temesi NOCK will raise $2 billion through its internal sources, external debt and through equity partners.<\/p>\n

Just as the situation was in June last year when managing director Sumayya Athmani talked to OilNews Kenya the oil explorer has not decided on exactly what equity it will take although the NOCK receives a 10% share in production once commercial quantities of oil or gas are found according to the current agreements.<\/p>\n

\u201cIf the Government exercises its option to participate, the contractor (or each entity constituting the contractor pro-rata) shall transfer to the Government that percentage interest specified by the Government. The Government\u2019s participation shall be effective from the date the development plan hereof is adopted,\u2019 reads part of the current Kenyan PSC.<\/p>\n

However, this would be amended to a 10% initial stake, which increases to 25% once production begins .<\/p>\n

It also remains unclear as how much money is needed in the longrun to buy the desired stake.<\/p>\n

Once the government participation has kicked in shall own and separately take and dispose of its share in the petroleum produced and saved to which the contractor is entitled under this contract in respect to all decisions taken under the participation agreement.<\/p>\n

The latest Gross Contingent Resource estimates for discoveries in Northern Kenya as per Africa Oil is at 1.29bboe up from 660mmoe in 2013.<\/p>\n

Tullow Oil and Africa Oil are the partners in the two blocks with 50 percent interest with the British company being the operator.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly eight months after OilNews Kenya published that the National Oil Corporation of Kenya (NOCK) was internally discussing exercising its right to back-in in Blocks 10BB and Block 13T the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":2514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[70,259,266,1690,2426,2571],"class_list":["post-2513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-block-10bb","tag-block-13t","tag-national-oil-corporation-of-kenya","tag-sumayya-athmani","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Block-13T-10BB-Discoveries.png?fit=455%2C593&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Ex","jetpack-related-posts":[{"id":1317,"url":"https:\/\/www.oilnewskenya.com\/index.php\/national-oil-corporation-to-back-in-blocks-10bb-and-13t\/","url_meta":{"origin":2513,"position":0},"title":"National Oil Corporation to back in Blocks 10BB and 13T","author":"Samuel Kamau Mbote","date":"June 26, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] The National oil corporation of Kenya will exercise its right to back in 2 blocks in North Western Kenya that have already yielded successful results namely Block 10BB and block 13T operated by Tullow Oil and its partner Africa Oil. This will be the first time that the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6582,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-national-oil-corporation-dual-list-nairobi-london-2019\/","url_meta":{"origin":2513,"position":1},"title":"Kenya\u2019s National Oil Corporation to Dual List in Nairobi and London in 2019","author":"","date":"November 30, 2017","format":false,"excerpt":"The government of Kenya plans to raise $1 billion by listing the state owned National Oil Corporation at the Nairobi Securities Exchange and the London Stock Exchange in the early part of 2019 to back in in development blocks 10BB and 13T in the South Lokichar basin according to principal\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/NOCK-logo.png?fit=960%2C791&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/NOCK-logo.png?fit=960%2C791&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/NOCK-logo.png?fit=960%2C791&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/NOCK-logo.png?fit=960%2C791&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4820,"url":"https:\/\/www.oilnewskenya.com\/index.php\/maryjane-mwangi-takes-over-at-nock-as-sumayya-signs-out\/","url_meta":{"origin":2513,"position":2},"title":"Maryjane Mwangi Takes Over At NOCK As Sumayya Signs Out","author":"","date":"July 12, 2016","format":false,"excerpt":"Maryjane Mwangi is the acting Chief Executive Officer of National Oil Corporation of Kenya Limited\u00a0after Sumayya Hassan-Athmani proceeded on terminal leave ahead of her contract expiry in March 2017 OilNews Kenya has learnt. This is the second round that the General Manager, Downstream Operations has taken over the helm of\u2026","rel":"","context":"In "Profile"","block_context":{"text":"Profile","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/profile\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/MaryAnne-Mwangi.jpg?fit=200%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1510,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-africa-oil-signals-possible-farm-out-in-kenya\/","url_meta":{"origin":2513,"position":3},"title":"Tullow Oil, Africa Oil signals possible farm out in Kenya","author":"Samuel Kamau Mbote","date":"July 28, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Tullow Oil and its partner Africa Oil may be farming out blocks 10BB and 13T in the Lokichar basin and where the companies have already discovered oil reserves in excess of 600 million barrels. According to Africa Oil CEO Keith Hill in an interview with Reuters the plans\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":874,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sumayya-hassan-athmani-gets-new-3-year-term-at-national-oil\/","url_meta":{"origin":2513,"position":4},"title":"Sumayya Hassan-Athmani gets new 3 year term at National Oil","author":"Samuel Kamau Mbote","date":"April 12, 2014","format":false,"excerpt":"The board of the National Oil Corporation has extended the term of the managing director Sumayya Hassan Athmani. Sumayya who took over at NOCK in 2012 has been at the helm of the company that is involved in both upstream and downstream activities in Kenya\u00a0 and has seen the extension\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4758,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cepsa-erhc-disappointed-at-kenyas-block-11a-tarach-1-well-source\/","url_meta":{"origin":2513,"position":5},"title":"CEPSA, ERHC Disappointed at Kenya\u2019s Block 11A Tarach-1 well – Source","author":"","date":"June 15, 2016","format":false,"excerpt":"OilNews Kenya has learnt that the search for oil and gas at Tarach-1 in Kenya\u2019s Block 11A has not been successful and works are ongoing to plug the well according to a reliable source. The drilling that commenced on 14th April 2016 using the SMP 106 rig in the north\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Tarach-1-well-rig.png?fit=551%2C412&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Tarach-1-well-rig.png?fit=551%2C412&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Tarach-1-well-rig.png?fit=551%2C412&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2513"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2513\/revisions"}],"predecessor-version":[{"id":2515,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2513\/revisions\/2515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/2514"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}