Nock partnership to build capacity on oil management

National Oil Corporation of Kenya (Nock) has partnered with London-based Royal Institute of International Affairs to train policy makers and opinion leaders on management of oil and gas resources.

This comes as the country is preparing to commence production of crude, with the first oil project expected to deliver 2,000 barrels daily set to start later this year.

Also known as Chatham House, the British policy institute will work with Nock to develop training content and implement training sessions for select groups of key stakeholders.

Generally, the training will cover the principles and practice of petroleum fiscal systems, oil and gas contracting, local content development as well as strategy and policy making.

“We recognize that policy makers in oil and gas need capacity building to enable them make informed decisions. This initiative is aimed at ensuring that we are well prepared as a country and the region to get the best out of the emerging oil and gas sector,” said Nock’s managing director Sumayya Hassan-Athmani.

TOTAL RESOURCE

Since the maiden crude discovery of March 2012, the country’s total resource found to date is put at 600 million barrels.

Industry estimates however indicate that the Lokichar basin where much of the oil has been discovered has a potential of up to one billion barrels.

International research company Global Data estimates that oil wells in Lokichar could generate over $10 billion in revenue for the country over a three decade production period.

At the moment, of the 21 companies exploring for oil and gas in Kenya, only Nock is local. Analysts blame the situation on lack of necessary skills and adequate finances among local firms.

Nock has also partnered with local institutions of higher learning such as Strathmore, University of Nairobi and Kenyatta University to develop courses relevant to the oil and gas sector.