Africa Oil (IFC-36699)

  • Kenya
Where the impacts of the investment may be experienced.
Specific Location
South Lokichar Basin
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 9, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Africa Oil Corp
The holder of the loan, grant, or other investment.
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 410.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 26, 2019

Disclosed by Bank Aug 31, 2015

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Project Description

This project finances oil and gas exploration in order to improve the understanding of the reservoir characteristics in the South Lokichar Basin.

Investment Description

This project involves an equity investment in Africa Oil Corps to fund its oil and gas exploration and appraisal activities. Africa Oil is incorporated in Canada and is an East Africa-focused oil and gas exploration and development company that is publicly listed on the Toronto and Nasdaq Stockholm Stock Exchanges. Africa Oil has a diversified shareholder base with only a single investor holding more than 10%. Helios Investment Partners LLP, a private equity fund, has recently become the largest shareholder following the closing of their investment in May 2015, with a 12.4% equity interest in Africa Oil. It is incorporated in the United Kingdom.

Contact Information

Alex Budden
Vice President External Relations
Tel: +1 604 689 7842
885 West Georgia Street
Suite 2000
Vancouver, BC
Canada V6C 3E8

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at