Kenya’s oil industry is facing a major shift as Tullow Oil moves a step closer to exiting its local operations. The British oil explorer has signed a sales and purchase agreement with Gulf Energy, signaling a significant transition in the country’s energy sector.
Highlights:
- Tullow Oil signs sales and purchase agreement with Gulf Energy.
- The deal is a key step toward Tullow’s full exit from Kenya.
- Agreement expected to impact Kenya’s oil exploration landscape.
- Regulatory approvals remain before the transaction is finalized.
Tullow Oil, a major player in Kenya’s oil exploration, announced that it has reached an agreement to sell its stake in local operations to Gulf Energy. This marks a pivotal moment in the company’s long-anticipated departure from the Kenyan market.
The sales and purchase agreement brings Gulf Energy into the spotlight as it looks to take over Tullow’s position in oil exploration projects. While details on valuation remain undisclosed, the transaction still requires regulatory clearance before completion.
Industry experts suggest that the move could reshape Kenya’s oil sector, opening doors for fresh investment and potentially accelerating stalled projects. However, the transition comes at a time when the global energy market is experiencing volatility, which could influence project timelines.
“When one door closes, another opens — but for Kenya, will oil still be worth the chase?”
