Tullow Oil Plc on Wednesday, March 6, 2024 unveiled a massive Ksh1.4 billion investment plan that could lead to reduced fuel prices in the country in the foreseeable future. The initiative was disclosed during the company’s presentation of its Full-Year Results for the year ending 31 December 2023.

Tullow Kenya’s Managing Director, Madhan Srinivasan, revealed the strategic move, stating, “We have engaged with the Kenyan government to develop 470 mmboe resources to produce up to 120 kbopd in Turkana oil fields.” Notably, mmboe represents a million barrels of oil equivalent per day, while kbopd signifies a thousand barrels of oil per day.

The estimated USD10 million investment plan has already received an official notification from the Energy and Petroleum Regulatory Authority (EPRA) for an extended review period of Tullow’s updated Field Development Plan (FDP) until 30 June 2024. Moreover, Tullow Oil is actively collaborating with the Ministry of Energy to expedite production and unlock the oil fields’ potential in Turkana.

Srinivasan emphasized, “We are collaboratively working with the Government of Kenya as they evaluate the FDP. Once their evaluation is concluded, the FDP will be submitted for final approval.” He added, “The development has been designed to be robust at lower oil prices, and we continue discussions with prospective strategic partners for this project.”

Tullow Oil Plc, known for its initial oil discovery in Turkana in 2012, estimated the region to hold three billion barrels of oil. With plans for commercial exploration and export, Kenya stands poised for a significant oil industry transformation.