British oil and gas company Tullow Oil has finally reached an agreement to sell its entire business interests in Kenya, officialy marking its exit from the Kenyan market after over a decade of exploration work in the South Lokichar Basin.
The company is selling its assets to an affiliate of Gulf Energy Ltd in a transaction valued at about Ksh15.6 billion (USD120 million).
The deal was confirmed after a sale and purchase agreement between the two parties was signed.
Currently, Tullow's Kenyan operations are held under its subsidiary, Tullow Kenya BV(TKBV).
