Total and Tullow Oil aim to reduce their stakes in Kenya's first oil develo...
) aim to reduce their stakes in Kenya’s first oil development with a joint sale that could see Tullow exit completely amid uncertainty over the project’s launch, banking and industry sources said.
The two oil and gas producers have hired French bank Natixis to run the joint sale process for Blocks 10 BA, 10 BB and 13T in the South Lokichar Basin, the sources said. French oil major Total, meanwhile, aims to sell up to half of its 25% stake in the Kenyan project, the sources said.The entire project is valued at between $1.25 billion to $2 billion, but it is hard to be precise because the development has yet to receive a final investment decision , two of the sources said.
The fields already produce about 2,000 barrels of oil per day as part of an early production system. The oil is trucked from Turkana to the port city of Mombasa. A first cargo of 250,000 barrels was shipped on a tanker last August.
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