{"id":499,"date":"2014-02-13T17:33:02","date_gmt":"2014-02-13T17:33:02","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=499"},"modified":"2015-11-02T14:02:13","modified_gmt":"2015-11-02T14:02:13","slug":"tullow-oil-loss-of-kenyas-block-10-leads-to-kshs-38-4-billion-group-loss","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-loss-of-kenyas-block-10-leads-to-kshs-38-4-billion-group-loss\/","title":{"rendered":"Tullow Oil loss of Kenya’s Block 10A adds to Kshs. 38.4 billion group profit dip"},"content":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n

British explorer Tullow Oil which held the license to exploration Block 10 in Northern Kenya’s Marsabit county has booked a 6.8 billion shilling loss after losing the expired permit.<\/p>\n

Block 10 which was licensed to tullow and its partner African Oil which had 30 percent stake saw Tullow’s loss add to a total of 21 billion shillings that the group lost putting in consideration to expenditure and changes to future work programmes.<\/p>\n

\u201cThe Group has written off $280 million (Sh21 billion) in relation to prior years expenditure and fair value adjustments as a result of licence relinquishment and changes to future work programmes. These included write-offs in Kenya ($79 million) (Sh6.8 billion) due to the relinquishment of Block 10A,\u201d Tullow said in its annual report.<\/p>\n

The explorer has however said it will drill another 40 exploratory wells \u00a0in 2014\/15 even as Tullow Kenya manager said that the company could still bid for the license which is now in the government’s hands while its partner African Oil has forsaken its interest in the area.<\/p>\n

\u201cThe partnership has elected not to continue into the next exploration phase in Block 10A in Kenya and the previously planned test of the Paipai well has been cancelled due to concerns over economic viability,\u201d Africa Oil was quoted by Business daily.<\/p>\n

\n

In total Tullow Oil Plc profits dipped from 57 billion in 2012 to just 18.66 billion shillings a drop of over 60 percent.<\/p>\n<\/div>\n

\n

The British firm did not indicate how much money it will spend in Kenya, but said that it has set aside $1 billion (Sh87 billion) for exploration in Mauritania, Norway, Kenya and Ethiopia and Guinea.<\/p>\n<\/div>\n

\u00a0[twitter-follow screen_name=’oilnewskenya’]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’] British explorer Tullow Oil which held the license to exploration Block 10 in Northern Kenya’s Marsabit county has booked a 6.8 billion shilling loss after losing the expired … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":14,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7,11],"tags":[70,85,255,1252,1522,1773,2565,2571,2573],"class_list":["post-499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-politics","category-top-news","tag-africa-oil","tag-african-oil","tag-block-10","tag-kenya","tag-marsabit","tag-northern-kenya","tag-tullow","tag-tullow-oil","tag-tullow-oil-plc","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/tullow.jpg?fit=276%2C182&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-83","jetpack-related-posts":[{"id":6675,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-spend-170m-kenyas-pre-development-exploration-appraisal-activity-2018\/","url_meta":{"origin":499,"position":0},"title":"Tullow Oil to spend $170M in Kenya\u2019s Pre-Development, Exploration & Appraisal Activity in 2018","author":"","date":"January 10, 2018","format":false,"excerpt":"Tullow Oil estimates to spend approximately $170 Million in Kenya\u2019s Pre-Development, Exploration & Appraisal Activity in 2018 a majority of which is set aside for Exploration and Appraisal at $90 million and pre-development expenditure of $80 million. The capital expenditure in 2018 is a drop from last year\u2019s set expenditure\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\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4339,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-focus-on-seismic-surveys-in-2017-as-exploration-expenditure-drop\/","url_meta":{"origin":499,"position":1},"title":"Tullow Oil To Focus on Seismic Surveys in 2017 As Exploration Expenditure Drop","author":"","date":"February 10, 2016","format":false,"excerpt":"Following the earlier announced cut in exploration costs by Tullow oil the explorer has said it will focus on seismic surveying, processing and interpretation, high-grading and progressing leads to drill worthy prospects as oil prices continue to remain at an all-time low. Tullow Oil which has set just $100 million\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\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":365,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-strikes-more-oil-in-kenya\/","url_meta":{"origin":499,"position":2},"title":"Tullow strikes more oil at Amosing 1 and Ewoi-1 wells n Kenya’s Block 10BB","author":"Samuel Kamau Mbote","date":"January 15, 2014","format":false,"excerpt":"Tullow Oil plc \u00a0has today announces oil discoveries at the Amosing-1 and Ewoi-1 exploration wells in Block 10BB onshore northern Kenya. As a result of these latest successes and recently reported discoveries at Ekales-1 and Agete-1, Tullow has updated its estimate of discovered resources in this basin to over 600\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":234,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-abandons-dry-wells-in-kenya-ethiopia\/","url_meta":{"origin":499,"position":3},"title":"Africa Oil abandons dry wells in Kenya, Ethiopia","author":"Samuel Kamau Mbote","date":"December 12, 2013","format":false,"excerpt":"Canadian explorer Africa Oil has been forced to abandon drilling at one of its wells in Marsabit County and another in Ethiopia after failing to encounter any traces of oil or gas. The Toronto Stock Exchange-listed firm said Monday that it is closing the Bahasi well, located within Kenya\u2019s Block\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":499,"position":4},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. The reduction is an overall cut in the group\u2019s capital expenditure associated with operating activities which has reduced from $1.7 billion in\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\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5763,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exclusive-tullow-oil-to-drill-an-additional-four-wells-in-kenya\/","url_meta":{"origin":499,"position":5},"title":"Exclusive: Tullow Oil To Drill An Additional Four Wells In Kenya","author":"","date":"March 14, 2017","format":false,"excerpt":"Tullow Oil will be drilling an additional four wells with two of them confirmed and the rest in contingent status according to a source with information on the matter. The operator had earlier said it would drill four wells in 2017 in the South Lokichar basin including \u00a0Erut and Etete\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\/499","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=499"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/499\/revisions"}],"predecessor-version":[{"id":3982,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/499\/revisions\/3982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}