{"id":12831,"date":"2022-11-16T07:46:02","date_gmt":"2022-11-16T07:46:02","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12831"},"modified":"2022-11-16T07:46:02","modified_gmt":"2022-11-16T07:46:02","slug":"kenya-kenyans-could-wait-longer-for-first-oil-as-jv-partners-seek-an-extension-of-the-field-development-plan-review-period","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-kenyans-could-wait-longer-for-first-oil-as-jv-partners-seek-an-extension-of-the-field-development-plan-review-period\/","title":{"rendered":"KENYA: Kenyans Could Wait Longer for First Oil as JV Partners Seek an Extension of the Field Development Plan Review Period"},"content":{"rendered":"

Project Oil Kenya leading joint venture has called for an extension to the period earlier set for review field development plan submitted on 10th<\/sup> December 2021 saying this will allow for continued\u00a0constructive discussions with the Energy and Petroleum Regulatory Authority of Kenya and the Ministry of Energy and Petroleum.<\/p>\n

In its latest operations update the JV operator Tullow Oil said the extension will also allow the process to secure a strategic partner for the development project in Kenya which it says is in progress.<\/p>\n

The JV had earlier called on the Kenya government to fast-track the process as an approval of the FDP will help the JV decrease uncertainties in the project including obtaining financing for the project get an understanding of the government deliverables.<\/p>\n

\u201cThese items require satisfactory resolution before the Group can take FID. Due to the binary nature of these uncertainties, the Group was unable to either adjust the cash flows or discount rate appropriately. It has therefore used its judgment and assessed a probability of achieving FID and therefore the recognition of commercial reserves,\u201d Tullow Oil said in its September 2022 financial statement.<\/p>\n

Tullow had lamented that a delay in review and the subsequent delay in obtaining a production license the company had in line with its accounting policy, performed a value in use (VIU) assessment of its Kenya asset following the identification of triggers for impairment reversal resulting in a net present value (NPV) significantly in excess of the book value of $255.2 million.<\/p>\n

According to the Irish explorer, there had been ongoing discussions with the Government of Kenya on the approval of FDP and securing government deliverables since 1 Jan 2022 with the government expected to continue the FDP review not later than 6th<\/sup>\u00a0November 2022.<\/p>\n

If granted this would mean that Kenyans will have to wait a little bit longer before cashing in on the oil reserves in the South Lokichar basin with the project expected to take three years since the announcement of the final investment decision.<\/p>\n","protected":false},"excerpt":{"rendered":"

Project Oil Kenya leading joint venture has called for an extension to the period earlier set for review field development plan submitted on 10th December 2021 saying this will allow … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[70,2378,9339,2571],"class_list":["post-12831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-africa-oil","tag-south-lokichar-basin","tag-totalenergies","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil-Kenya.png?fit=358%2C377&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3kX","jetpack-related-posts":[{"id":9080,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-tullow-oil-jv-receives-1-year-license-extension-on-blocks-10bb-and-13t\/","url_meta":{"origin":12831,"position":0},"title":"KENYA: Tullow Oil, JV Receives 1 Year License Extension on \u00a0Blocks 10BB and 13T","author":"","date":"September 9, 2020","format":false,"excerpt":"Blocks 10BB and 13T joint venture partner Africa Oil Corp. has announced that an extension has been granted by the Government of Kenya on\u00a0 the south Lokichar blocks. \u00a0Under the terms of the extension, the Joint Venture partners have the right to extend the second exploration period for the 10BB\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Block-10BB-13T-pipeline.png?fit=406%2C360&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5257,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-jv-partners-approve-fid-for-the-early-oil-pilot-scheme-in-kenya\/","url_meta":{"origin":12831,"position":1},"title":"Tullow Oil, JV Partners Approve FID for the Early Oil Pilot Scheme in Kenya","author":"","date":"October 6, 2016","format":false,"excerpt":"Kenya\u2019s President Uhuru Kenyatta today received a progress report on the planned Early Oil Pilot Scheme presented at State House, Nairobi, by the Ministry of Energy and Petroleum and the Kenya Joint Venture partners comprised of Tullow Oil, Africa Oil Corp and Maersk Oil. According to State House the partners\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/10\/Tullow-Oil-JV-Partners-State-House-Nairobi.jpg?fit=960%2C640&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/10\/Tullow-Oil-JV-Partners-State-House-Nairobi.jpg?fit=960%2C640&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/10\/Tullow-Oil-JV-Partners-State-House-Nairobi.jpg?fit=960%2C640&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/10\/Tullow-Oil-JV-Partners-State-House-Nairobi.jpg?fit=960%2C640&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12655,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-government-has-until-november-to-review-project-kenya-field-development-plan\/","url_meta":{"origin":12831,"position":2},"title":"KENYA: Government Has Until November to Review Project Kenya Field Development Plan","author":"","date":"September 14, 2022","format":false,"excerpt":"Project Oil Kenya leading joint venture has said it is waiting for the Government of Kenya to review field development plan submitted 10th December 2021 before the JV can undertake the final investment decision. According to the company approval of the FDP will help the JV decrease uncertainties in the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10881,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-upstream-pipeline-revised-plans-drive-costs-to-3-4b\/","url_meta":{"origin":12831,"position":3},"title":"KENYA: Upstream & Pipeline Revised Plans Drive Costs to $3.4B","author":"","date":"September 15, 2021","format":false,"excerpt":"The total gross capital expenditure (capex), which covers both the upstream and the pipeline to First Oil, is expected to increase to $3.4 billion as the KJV revised the previous design according to the latest announcement by the operator Tullow Oil. According to the operator the new design to include\u2026","rel":"","context":"In \"Africa Oil\"","block_context":{"text":"Africa Oil","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/africa-oil\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Kenya-Development-Redesigned-Optimized.jpg?fit=747%2C349&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5144,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-seeks-experts-to-review-the-south-lokichar-field-development-plan\/","url_meta":{"origin":12831,"position":4},"title":"Kenya Seeks Experts to Review the South Lokichar Field Development Plan","author":"","date":"September 9, 2016","format":false,"excerpt":"Kenya\u2019s Ministry of Energy and Petroleum through the World Bank funded Kenya Petroleum Technical assistance project has requested for the submissions of expressions of interest to review and ascertain the credibility of the South Lokichar field development plan (FDP) submitted by Tullow Oil & JV partners at the end of\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Mariott-Rig-with-watermark.jpg?fit=900%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Mariott-Rig-with-watermark.jpg?fit=900%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Mariott-Rig-with-watermark.jpg?fit=900%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/07\/Mariott-Rig-with-watermark.jpg?fit=900%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5381,"url":"https:\/\/www.oilnewskenya.com\/index.php\/execution-of-jda-between-kenya-jv-partners-to-commence-by-year-end\/","url_meta":{"origin":12831,"position":5},"title":"Execution of JDA between Kenya, JV partners to Commence by Year-End","author":"","date":"November 9, 2016","format":false,"excerpt":"Tullow Oil has reported that it expects the Joint Development Agreement (JDA) setting out a structure for the Government of Kenya and the Kenya Joint Venture Partners (Maersk Oil, Africa Oil) to progress the development of the export pipeline to commence execution by year-end. According to the latest trading update\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/KE-1316-Etuko-1-Marriott-PR46-Rig-2429-3.jpg?fit=512%2C768&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12831"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12831\/revisions"}],"predecessor-version":[{"id":12832,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12831\/revisions\/12832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8940"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}