National Oil hires London firm in expansion strategy

0
294
National-Oil-logo-608x408
PHOTO/COURTESY: NOCK

By Edna Mwende

IHS Markit, a London-based global information provider is set to advise the National Oil Corporation of Kenya (NOCK) as it plans on its local expansion.

IHS Markit is expected to advise NOCK on a 15-year turnaround plan that National Oil hopes will put it at par other national Oil companies all over the world. These include; Angola’s Sonogal, Algeria’s Soatrach, Chinese National Petroleum Corporation and Brazil’s Petrobras.

In a news report by Business Daily, NOCK hopes to among other things open 185 new retail stations across the country in a bid to expand their local footprint.

It is expected that the completion of the 15-year plan will take about 6 months with IHS Markit expected to continue offering their support to NOCK for a year.

 “The 15 Year Transformation Plan will be a long-term blueprint to help steer our company to become the leading integrated energy company in Africa and position National Oil as one of the key drivers of Kenya’s economic and social transformation,” NOCK Chief Executive MaryJane Mwangi is quoted as having said by the Business Daily.

She added that the plan is to grow its reach in Nairobi without putting too much pressure on the company with Business Daily reporting that NOCK is in talks with the meteorological department and Nairobi School on leasing parcels of land to the firm to open more stations after telling parliament that its engaging government bodies sitting on prime land rent out the parcels to the firm.

NOCK also has plans to drill its oil block in about two years’ time in a bid to follow in the footsteps of UK’s Tullow and its partners, who have encountered oil resources estimated at almost a billion barrels.

According to a Business Daily report, NOCK is seeking a partnership to inject money in the drilling for an undisclosed amount on block 14T.

LEAVE A REPLY

Please enter your comment!
Please enter your name here