Oil production answer to debt crisis, says NOC Chair Kiraitu Muriungi

National Oil Corporation of Kenya Chairman Kiraitu Murungi has called on President William Ruto to invest in oil production, saying it is the answer to the current debt crisis. He said the country stands to get more than USD8 billion from the Lokichar basin alone, money he said will be enough to cut aid dependency and lift millions of Kenyans out of poverty. “Experts tell us that the Lokichar field asset is quantified at 472 million barrels recoverable.

With the State’s carried interest of 22.5 percent share in the production sharing contract, the country stands to earn USD8 billion at the current rate of USD80 a barrel. We can do a lot with this kind of money,” Mr Kiraitu said.