Tullow Oil writes off Sh2.4 billion in Kenya project assets
Nairobi, March 19 -- British oil explorer Tullow has written off $17.9 million (Sh2.41 billion) worth of its Kenyan assets on the uncertainty over their sale to a strategic investor and commercial exploitation of the Turkana oil deposits.
Tullow, whose field development plan (FDP) for the Lokichar project is under evaluation by the government, said that the book value of its Kenya holdings was revised downwards from $260.1 million (Sh35 billion) in December 2022 to $242.2 million (Sh32.6 billion) at the end of 2023.
The company said that there were uncertainties over its ability to realise the value- hence the impairment - primarily relating to receiving and finalising an acceptable offer from a strategic investor, obtaining financing f...
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