Thu. Feb 29th, 2024

British exploration firm Tullow Oil has assumed full ownership of a major Kenyan oil project after its joint venture partners, Canada’s Africa Oil Corp and France’s Total Energies, pulled out.

Africa Oil said it abandoned the project to concentrate on regions with high petroleum potential, while Total said it was considering other options.

Each had a 25% stake in the South Lokichar Basin.

TotalEnergies had at the end of last year indicated plans to dispose of its stake, as doubts lingered on Kenya’s ambition to join the league of oil exporting nations.

Tullow Oil had last year disclosed plans to exit the project amid funding problems, which are likely to worsen with the exit of its partners.

Kenyan authorities are yet to comment on the impact of the exits and whether the country’s oil project was still viable.

By Joy

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