Tullow Oil's partners in Kenya licences withdraw from Lokichar oilfield (updated)

Meren Energy

23/05/2023 07:52

(Adds details on partners, Kenya capex forecast)
       May 23 (Reuters) - Tullow Oil Plc  TLW.L  said on
Tuesday two minority partners of its licences in Kenya will
withdraw from some blocks in the South Lokichar Basin, leaving
the London-listed oil and gas explorer as the sole owner of the
oilfield.
    The West Africa-focused company said the withdrawal from
blocks 10BB, 13T and 10BA was due to "differing internal
strategic reasons", and Tullow Oil remains focused on securing a
strategic partnership this year.
    The two partners in the Kenyan onshore fields -
TotalEnergies  TTEF.PA  and Africa Oil Corp  AOI.TO  - who held
a 25% stake each in the Lokichar field - withdrew after a
longer-than-expected process to find a fourth partner in the
project.
        Tullow forecast its net capital expenditure for 2023 in
Kenya to rise to $15 million from nearly $10 million, comprising
less than 5% of the group's overall capex.
    
    

 (Reporting by Aby Jose Koilparambil in Bengaluru and Shadia
Nasralla in London; Editing by Sherry Jacob-Phillips)
 ((abyjose.koilparambil@thomsonreuters.com; +917483275231;))