Canada-based oil and gas firm Simba Energy announced the completion of passive seismic research at block 2A in Wajir, Kenya, which has indicated large potential of oil reserves.
Simba Energy chief technical officer, James Dick, said an independent seismic evaluator estimated the company is likely to get two billion barrels from the well.
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"But my own estimation is that we are assured of a half of this amount, "said Dick.
The company’s block, which measures 7,000km², is surrounded by significant oil and gas reserves and drilling is expected to start within the next eight months.
Initial drilling operations will begin with a well located south of the Wajir County that showed the greatest potential, according to the passive seismic research.
Simba Energy has already signed a production sharing contract with the Kenyan government for the block.
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By GlobalDataThe company said the new find will make the country a key oil producing nation over the next five years when production is likely to start.
Advancement in drilling technology and the availability of better geological data than the previous system, including use of 3D seismic equipment, has led to the new oil find.
Improved technology systems have reduced the time taken to drill the same length of a well by three times compared to 20 years ago.
The rising price of oil has also meant there is motivation to invest in improved drilling technology.
Simba Energy owns 60% interest in onshore blocks 1 and 2 in Guinea, has block 3 in Mali and has applications pending for onshore blocks in Liberia and Ghana.
