Africa Oil Corp will press ahead with its oil production project in north west Kenya, despite low crude prices, according to the company’s chief executive. The project is scheduled to come onstream in 2017, he said.

In an interview with Reuters, Africa Oil Corp’s chief executive, Keith Hill, said that the company did not anticipate a continuation in the decline of oil prices. He also said that the project was making good progress, despite the current conditions.

"The current oil price has indeed put pressure on the project, but we do not believe this low price is sustainable. We do not see a major delay to the project as a result of the oil price, our biggest issue is getting the pipeline finalised," he said.

The new pipeline will enable oil that is produced in Kenya and Uganda to be transported to Kenya’s Lamu port.

Kenya boasts impressive reserves of crude oil. The Lokichar field in north western Kenya is believed to hold in excess of 600 million barrels of crude.

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