Tullow seeks state agreement on Turkana costs
The project has resumed after a five-month halt, but doubts are growing over its future
Tullow Oil’s longstanding ambition to sell part of its stake in Kenya’s much-delayed Turkana crude project may depend on the Anglo-Irish firm agreeing state compensation for its development costs. Kenya’s Turkana oil reserves, discovered in 2012, are estimated at 560mn bl. Tullow owns 50pc of the project, while its partners, Canada’s Africa Oil Corp. and Total, each hold 25pc. A top Tullow executive told Petroleum Economist last year that FID would likely happen in the second half of 2020, having signed heads of terms with Kenya last June, but this year’s oil price slump has again placed the project in doubt. “I do not know how long the audit process will take. We need a viable project
Also in this section
13 March 2025
Gas will become a more important part of the energy mix longer-term raising the alarm for much-need investment as supply struggles to keep up with demand
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
12 March 2025
Bearish market sentiment and bullish long-term outlook for oil and gas consumption prevails at CERAWeek
