M a r k e t N e w s

ONGC Videsh, Indian Oil Weigh Stake in USD3 Billion Kenya Project

Posted on : Thursday , 25th August 2022

ONGC Videsh and Indian Oil Corp. are in talks to amass a stake in Tullow Oil Plc's $3.4 billion venture in Kenya, in accordance with folks with data of the matter.


The transaction's worth could also be between USD 2 billion and USD 3 billion, the folks stated, asking to not be recognized as a result of the talks are personal. The Indian state-backed firms will probably be joint operators of the venture after the deal, they stated.  


Tullow is the present operator of the venture and has a 50% stake, whereas companions Africa Oil Corp. and TotalEnergies SE maintain 25% every.  


The potential deal alerts the revival of Kenya's aspiration to export oil on an industrial scale since Tullow Oil found crude in the East African nation in year 2012. Tullow Oil submitted a remaining area improvement program to the federal government in December, boosting the venture that had stalled as the corporate centred on managing debt and finalizing its technique.  


The talks are on-going and the businesses might nonetheless determine towards pursuing a transaction, the folks stated.


Tullow Oil spokesperson stated the corporate will reply to a request for remark when contacted. ONGC Videsh and Indian Oil didn't instantly reply.


Tullow Oil stated in July that progress on the Kenyan venture trusted discovering an associate.  


"A confidential course of to safe a strategic associate for the fabric improvement venture in Kenya continues and Tullow Oil is assured that it'll make substantial progress in the 2nd half of the 12 months," Tullow Oil stated at an investor briefing.


ONGC Videsh, an explorer with pursuits in 35 oil and fuel belongings in 15 international locations would be the lead on the venture, backed by Indian Oil, the South Asian nation’s largest refiner, in accordance with the folks.


Kenya's south Lokichar fields in blocks 10BB and 13T are projected to supply 120,000 barrels of oil per day, with anticipated gross oil restoration of 585 million barrels over the total lifetime of the sector, in accordance with Tullow Oil. The firm estimated the price of manufacturing from the wells at $22 a barrel.


From an earlier plan, the waxy crude will probably be shipped from the fields by way of a 20-inch, 825-kilometer heated pipeline to a port in the archipelago of Lamu.  


Source : www.abafnz.com
Featured Companies
  • Bajaj Auto
  • Tire Group International, LLC.
  • /
  • TITAN Containers A/S
  • Your Banner HERE!

Complete List  

Advertisers in previous issue:

  • Dedicated to the Engineering Manufacturing Sector in India
  • A world leading name in Heat Transfer Technology
  •  ABL Machine Tools, One of the group companies of ABL India is India
  • Chemicals,Environmental & Sewage,Treatment Laborotory;Equipments Analytical Equipments & Instraments;etc.
  • Sonmez Makina Ltd. is a manufacturer and exporter company for filling systems of domestic use LPG cylinders.
  • REGO GmbH is the Rego Distribution Center located in Central Germany.
  • All type conveyor belts for internal & external location tapis roulant de tout genre pous deplacement a l
  • A world class Rotary Gear Pumps for effective pumping and trasfer of all viscous & semi-viscous liquid like oils, chemicals, food products and more..
  • Seco actively contributes to improving your productivity and competitiveness in metal cutting machining.
  • VALSER Oil & Gas Limited was created to service the oil & gas, petrochemical, refining and power industries in East Africa
  • Aygaz is the only fully integrated LPG company in Turkey, operating in all LPG processes, including production, procurement, storage and filling
  •  Magazine for Africa
  • Catering for the most varied industrial storage requirements.
  • Ravi Enterprise is a professionally managed organization, established as a reliable source of industrial heaters.
  • Pumping solutions, a technological potential.
  • We have been at the forefront of plate heat exchanger technology.
  • Al Hosni Group International, has the experience and expertise in Construction, Manufacturing, Marketing, Hospitality, Chemicals, Gas services and environmental projects.
  • Automatic brick manufacturing machines
  • Leading manufactures and expoters of the electronic products
  •  Ugur Seluloz Kimya A.S. is a leading Sodium Carboxymethyl Cellulose & Polyanionic Cellulose manufacturer, located in Turkey.
  • Manufacturer & Trader of coil winding machines, toroidal coil winding machines, wire bunching machines, complete winding solution
  • BITZER ranks among the leading manufacturers of refrigerant compressors.
  • Industrial  machinery
  • Vrushabh is one of the leading manufacturer and distributor of Conveyor Belts, Transmission Belts, Elevator Belts, PVC Belts.
  • We offers high quality, Competitive price and satisfied service always
Afrotrade International Marketing, Tel: +971-50-6285684
© 1998-2022 Afrotrade