{"id":3856,"date":"2015-09-28T13:33:03","date_gmt":"2015-09-28T13:33:03","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3856"},"modified":"2015-09-28T13:45:49","modified_gmt":"2015-09-28T13:45:49","slug":"bharat-petroleum-eyes-tullow-oils-kenya-acreage","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/bharat-petroleum-eyes-tullow-oils-kenya-acreage\/","title":{"rendered":"Bharat Petroleum eyes Tullow Oil\u2019s Kenya Acreage"},"content":{"rendered":"

India\u2019s Bharat Petroleum Corporation (BPCL) is rumoured to be in talks with Tullow oil to acquire 10 percent stake in Blocks 10BB and 13T where the London explorer has discovered over 600 million<\/a> barrels.<\/p>\n

According to India\u2019s Times news\u00a0website reports that BPCL could be ready to cough about\u00a0 $2.7 billion giving the resource a valuation of $27 billion.<\/p>\n

The new site which quotes an anonymous source says the Indian explorer which has interest in Mozambique<\/a> could be hoping to ride on the low crude oil prices.<\/p>\n

This price is however expected to change with the next resource evaluation expected to place the valuation at over one billion barrels of oil following ongoing appraisal work.<\/p>\n

BPCL Chairman S Vardarajan is however said to have termed the stage of the talks \u2018very premature\u2019 to talk about adding that the company was in talks with many firms all over Africa.<\/p>\n

Tullow Oil and Africa Oil have been seeking for a new partner in their Kenyan acreage to help develop Lokichar basin reserves.<\/p>\n

A report by Citi titled Detailed Review of Tullow\u2019s Exploration and Production Portfolio also said that Tullow Oil financial position could delay development in East Africa unless a farm-out<\/a> was effected.<\/p>\n

\u201cA failure to farm-out its current high equity stakes in its future developments could see a delay in the development timetable for some of these projects,\u201d said Citi.<\/p>\n

\u201cAssuming no farm-outs, we see net debt\/EBITDA peaking at 2.4-times in 2016 on our oil price deck (of $90 per barrel) and gearing (or net debt to equity ratio) peaking at 80 per cent in 2017,\u201d continued the report.<\/p>\n

Apart from BPCL National Oil Corporation Kenya\u2019s state backed explorer is also seeking to back-in<\/a> in the blocks with the corporation already seeking financing for its stake.<\/p>\n

Tullow Oil and Africa Oil are currently\u00a0operating on a one year approved extension<\/a> of the exploration license in blocks 10BB and 13T\u00a0following delays in acquisition of 3D seismic.<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s Bharat Petroleum Corporation (BPCL) is rumoured to be in talks with Tullow oil to acquire 10 percent stake in Blocks 10BB and 13T where the London explorer has discovered … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3857,"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":[11],"tags":[70,3090,259,266,671,870,1252,1445,3661,2571],"class_list":["post-3856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-bharat-petroleum-corp-ltd","tag-block-10bb","tag-block-13t","tag-east-africa","tag-farm-out","tag-kenya","tag-lokichar-basin","tag-national-oil-corporation-kenya","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/09\/Bharat_Petroleum_Logo.svg_.png?fit=826%2C1024&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-10c","jetpack-related-posts":[{"id":2513,"url":"https:\/\/www.oilnewskenya.com\/index.php\/national-oil-corporation-raise-funds-back-blocks-10bb-13t\/","url_meta":{"origin":3856,"position":0},"title":"National Oil Corporation to raise funds to back-in in Blocks 10BB and 13T","author":"","date":"February 12, 2015","format":false,"excerpt":"Nearly eight months after OilNews Kenya published that the National Oil Corporation of Kenya (NOCK) was internally discussing exercising its right to back-in in Blocks 10BB and Block 13T the government backed explorer has said it is raising $2 billion to take stakes in the two blocks. According to Reuters\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\/Block-13T-10BB-Discoveries.png?fit=455%2C593&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2009,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ongc-videsh-ready-to-buy-tullow-oil-african-assets-in-kenya-or-ghana\/","url_meta":{"origin":3856,"position":1},"title":"ONGC Videsh ready to buy Tullow Oil African Assets in Kenya or Ghana","author":"Samuel Kamau Mbote","date":"November 6, 2014","format":false,"excerpt":"India\u2019s overseas investment arm of Oil and Natural Gas Corp ONGC Videsh might be looking into farming into Tullow Oil assets in Ghana and Kenya according to news reports by online.wsj.com attributed to ONGC\u2019s director of exploration Anil Bhandari and Reuters who quote an anonymous source. The need to buy\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\/2014\/04\/ongc-videsh_2.jpg?fit=406%2C319&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6637,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-seeks-expert-south-lokichar-blocks-hydrocarbon-audit\/","url_meta":{"origin":3856,"position":2},"title":"Kenya Seeks for Expert in South Lokichar blocks Hydrocarbon Audit","author":"","date":"December 20, 2017","format":false,"excerpt":"The ministry of energy and petroleum (MoEP) through the Kenya Petroleum Technical Assistance Project (KEPTAP) has requested for an expression of interest from firms wishing to undertake a hydrocarbon reserves audit and to develop competent person\u2019s report for the oil assets in Block 10bb and 13t in North Western Kenya.\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\/05\/Kenya-Discoveries-Block-10BB-Block-13T.png?fit=413%2C506&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1317,"url":"https:\/\/www.oilnewskenya.com\/index.php\/national-oil-corporation-to-back-in-blocks-10bb-and-13t\/","url_meta":{"origin":3856,"position":3},"title":"National Oil Corporation to back in Blocks 10BB and 13T","author":"Samuel Kamau Mbote","date":"June 26, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] The National oil corporation of Kenya will exercise its right to back in 2 blocks in North Western Kenya that have already yielded successful results namely Block 10BB and block 13T operated by Tullow Oil and its partner Africa Oil. This will be the first time that the\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":"","width":0,"height":0},"classes":[]},{"id":13697,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-africa-oil-totalenergies-exit-block-10bb-10ba-13t\/","url_meta":{"origin":3856,"position":4},"title":"KENYA: Africa Oil, TotalEnergies Exit Block 10BB, 10BA &13T","author":"","date":"May 24, 2023","format":false,"excerpt":"Tullow Oil plc (Tullow) announces that Tullow Kenya B.V., as operator of its licences in Kenya, has been informed by its two minority partners of their intention to issue notices of withdrawal from Blocks 10BB, 13T and 10BA in the South Lokichar Basin (the \"Project\") for differing internal strategic reasons.\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\/2023\/05\/Tullow-Oil-Kenya.png?fit=358%2C377&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12519,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-could-india-be-eyeing-blocks-10bb-13t\/","url_meta":{"origin":3856,"position":5},"title":"KENYA: Could India Be Eyeing Blocks 10BB & 13T?","author":"","date":"July 29, 2022","format":false,"excerpt":"After weeks of speculation of an Indian company entering the Kenyan upstream sector scene accompanied by media reports of an Indian oil refiner eyeing the Lokichar basin a meeting between Kenya's Minister for Petroleum and Mining Dr. Ambassador Monica Juma Executive Director Indian Oil Corporation Hridesh Baindail and Executive Director\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\/2022\/07\/Indian-Oil-Corporation.jpg?fit=680%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/07\/Indian-Oil-Corporation.jpg?fit=680%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/07\/Indian-Oil-Corporation.jpg?fit=680%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3856","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=3856"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3856\/revisions"}],"predecessor-version":[{"id":3860,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3856\/revisions\/3860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/3857"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}