Gulf Energy Ltd., a Nairobi-based oil and gas trader that bought Tullow Oil Plc’s crude discoveries in Kenya, plans to start production next year, according to a top official.
Tullow agreed to sell the assets to the local firm in April for $120 million — after attempts over more than a decade to develop the finds — as it focuses on paying down debt. Kenya’s regulator required a field development plan from the buyer for the deal to proceed. Tullow received the first $40 million tranche in September.
Kenya gave an initial approval for Gulf Energy’s plan for the South Lokichar project, Cabinet Secretary for Energy Opiyo Wandayi said. “I will be forwarding the approved FDP to Parliament for ratification.”
After the plan is ratified, the contractor will start the project and investments will be outlined, Wandayi said. “First oil is expected by December 2026.”
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