The National Assembly has raised concerns over Tullow Oil's sale of oil assets to Gulf Energy, citing a lack of detail in the Ksh15 billion ($120 million) deal.
A report tabled by the National Assembly Energy Committee highlighted concerns about the sale of oil assets centred around the country's nascent oil industry's continuity, governance, and strategic direction. "There is limited information regarding the terms of the exit, the implications of the transaction on Kenya's commercial oil prospects, and its potential impact on the completion and timely approval of the Field Development Plan," it said.
In April, Tullow Oil ended a decade-long quest to develop discoveries in April, when it sold the inland fields covering the oil assets to Gulf Energy, a Nairobi-based oil and gas trader.
Tullow oil exploration in Turkana County Photo Tullow Oil This came after Tullow announced plans to sell off its investments in recent months, aimed at reducing its debt below $1 billion (Ksh129 billion) this year.
