Tullow Oil Kenya Lokichar Basin partners pull out
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11:19 05/11/24
Total Energies and Africa Oil have pulled out of a Kenyan project, leaving operator Tullow Oil as the sole owner, the latter said on Tuesday.
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Tullow’s partners were withdrawing from rom some blocks in the South Lokichar Basinfor “differing internal strategic reasons”, Tullow said.
“As a result, Tullow’s working interest in these blocks will increase from 50% to 100%.”
The oil and gas explorer found crude in Kenya more than 10 years ago, but has production has yet to start in the absence of a partner and slow approval from the Kenyan authorities.
Tullow said it would continue to look for a partner and said the change in shareholdings gives it “more flexibility” in that process.
“Detailed farmout discussions continue with a number of companies,” it said, adding that hoped to secure a strategic partnership this year.
Reporting by Frank Prenesti for Sharecast.com