[Maarufu Mohamed, Standard]Kenya’s dream of being an oil exporter appears to be slipping away after Tullow Oil wrote off billions of shillings it has spent in exploring for oil in Lokichar, Turkana County. The write-offs are in addition to a significant reduction in the activities Tullow is undertaking in the country. Kenya accounted for nearly half of the exploration write-offs, which totalled $987 million (Sh106 billion). It is the second year in a row that Tullow has made a major write-off on its exploration costs in Kenya, having written off $419 million (Sh45.7 billion) in 2019. “Key execution risks… include (being) unable to progress the preparation of Field Development Plan (FDP) in Kenya and therefore any exercise to unlock Kenyan potential,” said Tullow.

Source: Standard Digital March 31, 2021 07:11 UTC