Home ECONOMY Turkana Oil Pilot Scheme’s Audit Begins

Turkana Oil Pilot Scheme’s Audit Begins

by biasharadigest

The ministry of Petroleum and Mining has started the search for a firm that will audit the operations of the Turkana oil pilot scheme.

The audit seeks to evaluate whether taxpayers are getting value out of the Tullow Oil project, in addition to determining whether the income generated from the sale of the early oil pilot was accurately computed.

In August this year, Kenya completed its first shipment of the Early Oil Pilot Scheme with 200,000 barrels of crude oil sold to a Chinese company for KSh1.2 billion.

Furthermore, the audit company will be tasked with verifying the costs Tullow incurred in the Early Oil Pilot Scheme (EOPS) project as well as the money received from the early exports.

The audit is set to be conducted in two phases. The first will cover the period between March 2017 and December 2019, whereas the second will cover from January 2020 to December 2020.

According to Tullow Oil, they have invested more than KSh300 billion in Kenya. They also hope to make the first commercial sale in 2022.

An audit similar to this one was out by Swale House Partners between 2010 and 2016. They established that Tullow spent KSh180 billion on exploration works.

See Also:

Turkana’s Early Oil Production Scheme Has Been Successful, What’s Next?

Tullow Oil transforming lives in Turkana

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