|Tullow Oil plc (“Tullow”) is pleased to announce that Tullow and its Joint Venture partners have received extensions to their exploration licences for Blocks 10BB and 13T in Kenya to the end of 2021. This follows the approval of the work programme and budget for next year by the Ministry of Mines and Petroleum.
As announced at the Group’s recent Capital Markets Day, the licence extensions will allow the Joint Venture partners to re-assess Project Oil Kenya and design an economic project at low oil prices whilst preserving the phased development concept. In parallel, over the coming months, the Joint Venture partners will work closely with the Government of Kenya on land and water agreements, gaining approval of the Environmental and Social Impact Assessments and finalising the commercial framework for the project. The successful completion of this work will enable the submission of Field Development Plans to the Government of Kenya.
|Rahul Dhir, Chief Executive Officer of Tullow Oil plc, commented today:
“I would like to thank the Government of Kenya for granting this extension which the Joint Venture partners will use to fully re-assess the development concept for this important project.”