West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd. for at least $120 million as it works to reduce its debt.<\/p>\n
Tullow will get three $40 million payments, be entitled to royalty payments, and have the right to 30% participation in potential future development phases at no cost, it said in a statement.<\/p>\n
The company’s Kenyan oilfields have not been brought into full production, as any export route would require building hundreds of miles of a heated pipeline to the coast. It recorded a $145 million write-off on these operations last year.<\/p>\n
In May 2023, the UK-listed company became the sole owner of the Lokichar oilfield after its license partners TotalEnergies and Africa Oil Corp. withdrew, and sale talks with Indian state-run companies did not result in a deal.<\/p>\n
Last month, Tullow agreed\u00a0to sell\u00a0its working interests in Gabon for $300 million in cash.<\/p>\n
It had net debt of around $1.5 billion at the end of last year. The company had a market capitalization of around $255 million as of Tuesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
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