Tullow, Partners Sign Heads of Terms With Government of Kenya
June 25 2019 - 10:19AM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) said Tuesday that it and its joint
venture partners in Kenya have signed a heads of terms agreement
with the country's government for the development of the South
Lokichar Basin.
The oil-and-gas company said it signed the agreement alongside
Total SA (FP.FR) and Africa Oil Corp. (AOI.T) to capture all the
key commercial principles related to implementing their joint oil
project in Kenya.
Describing the agreement as a major and important milestone
toward reaching a final investment decision, Tullow said the
parties have agreed that the Amosing, Ngamia and Twiga fields
should form the development's foundation stage, complete with a
central processing facility that can process 60,000 to 80,000
barrels of oil a day.
Tullow said the joint venture partners will focus their efforts
on securing financing for constructing a pipeline for the project
while continuing to progress other works that lead to the selection
of contractors ready for a final investment decision.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 25, 2019 10:04 ET (14:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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