In a major energy sector acquisition, Gulf Energy has agreed to purchase Tullow Oil’s entire Kenyan portfolio for $120 million. The deal includes a unique “back-in” clause allowing Tullow to reclaim 30% participation in future development phases at no cost. Payment will be structured in three $40 million installments: one upon completion, another following Field Development Plan approval or by June 2026, and the final payment over five years from Q3 2028. “I am confident that the proceeds from this transaction, coupled with the $300 million from our Gabon asset disposal, position the business strongly for a successful refinancing,” said Richard Miller, Tullow Oil’s CFO and Interim CEO. The acquisition represents a strategic pivot in East African energy development with final agreements expected in coming months.
Source: Energy Capital Power
