Finance Videos

Uhuru Kenyatta is sworn in as Kenya's new leader. He comes to the top job having already served as deputy PM, minister for trade and finance minister. Growth will be a priority. And it could be closer than he thinks. Intensive drilling for oil has already begun in parts of Kenya. Canadian owned Africa Oil and its partners are investing $470 million dollars in at least ten wells this year alone. The company's CEO, Keith Hill says he has high hopes of striking oil. SOUNDBITE: Keith Hill, CEO Africa Oil Corp. saying (English): "We don't always have this type of luck early on. I think that is what has got us encouraged is that , like the North Sea it was the 58th well they drilled before they made their first commercial discovery. We think probably in five to 10 wells we will have a commercial discovery." Small quantities of oil have already been found in Kenya's blocks 10BB and 13T. But they'll need at least 300-million barrels to justify putting in a pipeline. If successful it could attract further explorers to the region and create many much needed jobs for years to come. SOUNDBITE: Keith Hill, CEO Africa Oil Corp. saying (English): "Most people when we discovered oil, thought we would be producing oil in a matter of weeks or months and its going to be a long process, its probably going to be somewhere around five years for the first oil." Once seen as a remote and barren part of Kenya, the north could become the richest region. But any significant oil finds could come at a price. Greed, violence and corruption have been problems in other oil-producing African countries. Locals hope good management in Kenya can ensure local communities benefit not just oil companies and governments.