7th Dec 2020 11:35
(Alliance News) - Tullow Oil PLC on Monday said it has received extensions to its exploration licences for blocks 10BB and 13T in Kenya, up until the end of 2021.
The South America and Africa-focused oil & gas company noted the extension renewals will allow its joint venture partners to re-assess Project Oil Kenya and design an economic project at low oil prices while preserving the phased development concept. It added the JV partners will also work with the Kenyan government on land and water agreements, gain approval of the environmental and social impact assessments, and finalise the commercial framework for the project.
Tullow stated the successful completion of this work will allow for the submission of field development plans to the government of Kenya.
Shares in Tullow were trading 4.7% lower at 32.54 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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