Barclays signs $13 mln deal to finance oil explorer's rig
23 August 2013, 18:32
Nairobi - Barclays Bank Kenya has signed a $13 million financing deal with a unit of British oil explorer Marriot Drilling for a rig for work in Kenya, which has attracted attention after oil discoveries last year.
East Africa has become a hotbed of exploration after oil discoveries in Kenya and Uganda and huge gas finds in Tanzania and Mozambique. Kenya is in the process of determining the commercial viability of its oil resources.
The bank, controlled by Barclays Plc, said on Friday the financing deal would span five years.
In the past, companies exploring in the country have said their work had been constrained by a shortage of drilling rigs.
Britain's Tullow Oil and its partner Africa Oil have struck oil in the north western tip of the country.
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