Tullow sinks Sh180b in Turkana oil: AuditTullow Oil spent Sh180 billion in exploration works during its early years at the Turkana oil blocks, according to an audit by the Ministry of Petroleum and Mining. This will be part of the money the firm will recover after it starts commercially producing and exporting Kenyan oil. The Government last year contracted audit firm Swale House Partners to undertake a Petroleum Cost Recovery Audit, which entailed looking at the reports submitted by Tullow to independently verify the firm’s expenditure. SEE ALSO :Tullow embarks on paying dividends to shareholdersIt was also supposed to determine whether the expenses incurred by the oil company were eligible for recovery from the oil profits once it starts exporting the Turkana crude, which is expected in 2022. Tullow has in different reports said it has spent between Sh150 billion and Sh200 billion on the Lokichar blocks.

Source: Standard Digital February 01, 2019 21:04 UTC