UK exploration company Tullow Oil has adjusted the value of its assets in Kenya, reducing it by $17.9 million. This revision follows the submission of a Field Development Plan to the Kenyan government for its Turkana project in March 2023. The value of Tullow’s Kenya assets dropped from $260.1 million in December 2022 to $242.2 million by the end of 2023, primarily due to uncertainties surrounding the realization of commercial value. Tullow, which experienced a $410 million write-off in 2020, aims to reverse these impairments upon resolving uncertainties.
In June 2023, Tullow gained sole ownership of the Turkana oil deposits as its joint venture partners, Africa Oil Corporation and TotalEnergies, exited the partnership, citing differing strategic objectives. The oilfields, located in Blocks 13T and 10BB in Turkana, have a production capacity of 120,000 barrels of oil per day, with an emphasis on developing five existing wells in South Lokichar.