Indian state oil companies may acquire a stake in Tullow’s Kenyan block

26 May 2023 , 11:53 AM

According to Oil India Chairman Ranjit Rath, who talked to reporters, state-run oil exploration firms in India are in negotiations with Tullow Oil to acquire a stake in the Kenyan oil block owned by the London-based company.

Without going into specifics on the size of the potential stake, Rath stated that Oil India and ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, are in communication with Tullow.

In order to finance its onshore oil project in Kenya, Tullow Oil has been looking for a strategic investor. ONGC Videsh Ltd and Tullow Oil earlier spoke in Nairobi in July.

Tullow said that the parties had agreed to continue talking about the issue after the meeting in July.

Rath stated that his company would like to collaborate with other state-run businesses on projects abroad.

For feedback and suggestions, write to us at [e-mail]