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KENYA: Tullow Increases Expenditure to $59M in 2021

Tullow Oil has said it has increased its capital expenditure by $5 million to take account of revised Kenya expenditure according to its latest trading update.

In its earlier report the company had allocated a pre-development expenditure of c.$4 million and exploration and appraisal expenditure of c.$50 million.

“Full year Group capital expenditure is expected to be c.$265 million (previously c.$260 million), adjusted to take account of revised Kenya expenditure,” read the report.

The company has also said that it continues to seek seeking a strategic partner to help finance the project and constructive discussions continue with interested parties.

Currently the KJV comprising of Tullow Oil, Africa Oil and Total Energies is collaborating with the Ministry of Petroleum & Mining to incorporate feedback on the submitted draft Field Development Plan (FDP) and plan to resubmit a final FDP by the end of 2021 in line with licence commitments.

 

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