Tullow Oil has revealed plans to invest Sh1.24 billion in oil exploration efforts in Kenya and other appraisal engagements to focus on fine-tuning and expanding it local operations.

The global independent oil and gas exploration and production firm reiterated its pledge to upscale the development of Project Oil Kenya and Field Development Plan (FDP) this year.

A trading statement and operational update by the firm listed at the London Stock Exchange (LSE) confirms Tullow is seeking a strategic partner for its local oil development project.

The statement revealed that Tullow and its Joint Venture partners (Africa Oil and Total Energies) are working closely with local government agencies to finalise the firm’s FDP.


Read More

  1. Kakuzi posts Sh507 million pre-tax profit amid macadamia market recovery
  2. Tullow takes control of Project Oil Kenya after Total Energies, Africa Oil Corp exit

Tullow and its partners submitted the Project Oil Kenya FDP for government review in December 2021 as part of local licensing procedures and hopes for a deal in coming months.

“Tullow continues to focus on the process to secure a strategic partner for the development project in Kenya. In parallel, Tullow and its JV Partners are working with the Energy and Petroleum Regulatory Commission Authority (EPRA) and the Ministry of Energy and Petroleum to finalise the FDP,” Tullow Oil CEO Rahul Dhir said.


Tullow’s financial update shows it made total revenue, including the hedging cost, of c.$1.7 billion, at a realised average oil price of c.$102/bbl before hedging and c.$87/bbl after.

Free cash flow for the full year 2022 is set to be c.$267 million, before guidance, with lower oil prices towards the end of the year offset by continued focus on cost control and deferrals of decommissioning costs and capital expenditure.

In 2022, Tullow supported STEM education via various programmes from primary to tertiary education in countries it operates in as it worked on new opportunities in Kenya and Ghana.