British Oil firm Tullow has approved a budget targeting its Final Investment Decision (FID) in Kenya at the end of 2020. In January, Tullow announced plans to exit its equity stake in Project Oil Kenya, opening up questions into the country’s future oil exploits. Other multinationals seeking a piece of Tullow Oil Kenya are the Royal Dutch Shell and ExxonMobil. ''Tullow remains fully committed to Kenya, and the board has approved the requisite 2020 budget targeting a Final Investment Decision (FID) at the end of 2020,'' Tullow Oil said in a statement. Tullow said net debt had been reduced by 42 per cent, which according to the firm remained “too high”.

Source: The Star March 13, 2020 00:56 UTC