Government grants Tullow Oil one year license extension
Oil explorer Tullow Oil has made an about turn on its oil project in Kenya suspending its planned exit, through the sale of blocks in the South Lokichar Basin. In a trading statement issued on Wednesday, the explorer says it has held off the sale plans, as it conducts a comprehensive review of the project including a consideration for alternatives to an eventual exit. The change of heart by the explorer comes on the back of the extension of its exploration period for the 10bb and 13t license blocks to December 2021, after the operator withdrew a force majeure notice in august? a disclaimer indicating it couldn’t honor its contract with the government. Tullow has nevertheless delayed its declaration of a Final Investment Decision (FID) on the project, with the decision now likely to emerge around the end of the extended exploration period in December 2021.