Tullow Oil Kenya Lokichar Basin partners pull out

(Sharecast News) - Total Energies and Africa Oil have pulled out of a Kenyan project, leaving operator Tullow Oil as the sole owner, the latter said on Tuesday. Tullow's partners were withdrawing from rom some blocks in the South Lokichar Basinfor "differing internal strategic reasons", Tullow said.

"As a result, Tullow's working interest in these blocks will increase from 50% to 100%."

The oil and gas explorer found crude in Kenya more than 10 years ago, but has production has yet to start in the absence of a partner and slow approval from the Kenyan authorities.

Tullow said it would continue to look for a partner and said the change in shareholdings gives it "more flexibility" in that process.

"Detailed farmout discussions continue with a number of companies," it said, adding that hoped to secure a strategic partnership this year.

Reporting by Frank Prenesti for Sharecast.com