(Last Updated On: December 7, 2014)
Kenya aims to be an oil exporter by 2019 and it will earn at least ksh67 billion a year after taking into account the falling prices of oil internationally. The research was done by economists at the Institute of Economic Affairs and it was based on the proven reserves of between 600 million and 2.9 billion barrels of oil.
The mining industry in Kenya has a potential to bring in an extra Ksh255 billion per year in the next 25 years due to the presence of rare earth, gold, coal and mineral sands. For oil exploration to be viable in Kenya, oil prices have to be maintained above $90 a barrel.