Tullow Oil has assumed full ownership of the Kenya oil project in Turkana following the withdrawal of joint venture partners.
The minority partners, Africa Oil Corp and Total Energies issued notices to withdraw from oil exploration Blocks 10BB, 13T, and 10BA in the South Lokichar Basin in Turkana, citing "differing internal strategic reasons."
"As a result, Tullow's working interest in the blocks will increase from 50 per cent to 100 per cent," Tullow said in a statement on Tuesday, May 23.
"The Board considers that owning 100 per cent of the Project creates more optionality, gives Tullow more flexibility in the ongoing process to secure strategic partners, creates a simpler Joint Venture Partnership, and streamlines project delivery. This is a low-cost development project that has the potential to unlock material value for Kenya."
The company further stated that the progress of the project continues, and an updated Field Development Plan (FDP) was submitted to the Energy and Petroleum Regulatory Authority (EPRA), in March 2023. The FDP is currently under review by EPRA. Tullow will maintain its collaborative efforts with the Government of Kenya and EPRA to secure the approval of the FDP.
"Tullow looks forward to continuing its work with the Government of Kenya and its host communities to make the region a significant energy-producing province," the company added.
Tullow has interests in over 30 licenses across eight countries. In March 2021, the company committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.