Oil & Gas Company Diversifies into Geothermal Well Drilling on Low Oil Prices (Business Daily Africa)
Atlas Development, a logistics and engineering services firm based in Nairobi, will start drilling geothermal wells in Kenya as it diversifies from oil and gas sector slowed down by plummeting crude prices.
The company, listed on the Nairobi Securities Exchange and the London Stock Exchange, said Thursday it would bid for drilling of steam energy wells together with its partners. The firm’s diversification comes in the wake of falling global crude prices that have caused jitters amongst exploration firms.
Atlas is working with the Geothermal Development Company (GDC), the developer of the Menengai geothermal prospect, in the provision of civil engineering services, catering and accommodation. The firm has already partnered with Iceland Drilling Ltd in drilling steam wells in Baringo County.
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