Tullow Oil Plc, a London-based oil and gas explorer, announced on Tuesday that two minority partners in its Kenyan licenses would withdraw from certain blocks in the South Lokichar Basin.
Tullow Oil, which is concentrating its efforts in West Africa, has announced that it will not pursue blocks 10BB, 13T, or 10BA. The withdrawal was attributed to “differing internal strategic reasons” by the company.
The two partners in the Kenyan onshore fields, TotalEnergies and Africa Oil Corp, withdrew after the search for a fourth partner took longer than expected. Both companies owned 25% of the Lokichar field.
Tullow expects its net capital expenditure in Kenya to increase by 15%, from nearly $10 million in 2022 to $20 million in 2023. This amounts to less than 5% of the company’s total capital expenditure.
