Tullow oil revises upwards the amount it plans to spend in developing the Lokichar Oilfields
Tullow Oil has revised upwards the amount it plans to spend in developing the Lokichar Oilfields. The firm said the higher costs follow a new plan that scales up the project, resulting in a larger crude oil processing facility and export pipeline. The new plan, which it said is designed to withstand low crude oil prices following last year’s crash, will enable the company to take advantage of economies of scale and lead to lower oil production costs when the project finally starts. The company increased the capital expenditure by 26 percent to 374 billion shillings from an earlier 297 billion shillings. For more on this grab a copy of the standard to get acquainted.