CNOOC quits Kenya, heads to Uganda

China National Offshore Oil Corporation AKA (CNOOC) is exiting the Kenya oil exploration market in a move that has shifted the balance of power in the oil and prospecting business to Western nations.

Some 50 billion dollars of investment is required in order to complete the development of the remaining phases of South Pars gas field, the Iranian oil minister said here on Saturday.

Iraq’s new central government plans to recognise contracts for oil and gas production in Iraqi Kurdistan, a step towards healing an extended rift that has delayed development of some of the world’s largest oilfields.

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