Kenya: UK High Commissioner calls for transparent oil revenue management to maximise benefits to locals
Author: Dr Christian Turner, (UK High Commissioner to Kenya) in Capital FM, Published on: 7 October 2014
"Secure environment key for investment in Kenya's extractives sector"
The discovery of oil and gas can be a defining moment for nations...In Kenya, the oil and gas sector has a huge potential to secure foreign investment and a significant boost to GDP...However, managing expectations and tensions is critical...We encourage Kenya to sign up to the Extractive Industries Transparency Initiative (EITI), a voluntary approach set up to help tackle corruption, improve the way revenues from oil, gas and minerals were managed and make sure that people across the world shared in the economic benefits of the natural resources in their country...We believe that EITI membership would bring similar and benefits for Kenya and help create the environment which will attract investment and delivery of Vision 2030, as well as help facilitate the equitable and sustainable development of the Kenyan extractives sector. Joining EITI at such an early stage in the development of the extractives sector will help to maximise the benefits and avoid some of the challenges seen in other countries. [refers to Tullow Oil, BG Group & Ophir Energy]