09/20/2018 | 09:37am EDT
Tullow Oil has awarded an engineering design contract for oil production in its northern Kenyan blocs to Australia’s Worley Parsons, a Kenyan petroleum ministry official told Reuters on Tuesday. Kenya this month moved a step closer to full production at the blocs when the local government and the national government agreed on revenue sharing. The blocs, Kenya’s only source of oil so far, are estimated to contain 750 million barrels. Andrew Kamau, principal secretary in the ministry of petroleum and mining, did not provide more details on the engineering design contract. Tullow and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. French oil producer Total has since taken a 25 per cent stake. Tullow, which operates the blocs, and Worley Parsons, were not immediately available for comment.
WOR Price at posting:
$20.04 Sentiment: Hold Disclosure: Held
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