Browsing: Esso

• Tullow’s 2023 operating revenue surpasses expectations with strengthened Group financial position through a cut in debt.
• British firm has secured long-term capital through a $400 million debt from Glencore Energy.
• Explorer is projecting a $800 million free cash flow from 2023–2025 and a sustainable revenue flow outlook thereafter.

British exploration firm, Tullow Oil, has singled out Kenya oil project as one of its key areas in production growth for 2024, as it expects to deliver $800 million in operating revenue from 2023 to 2025.

This is captured in its financial results for 2023, where Tullow reiterated the delivery of its plan, which is achieving targeted results and a much-improved business. During the year, Tullow continued to evolve and built a strong and unique foundation to create material value, the company reported.

Several significant milestones were achieved in 2023, including the start-up of Jubilee South East which has given Ghana’s upstream …

• The country’s petroleum products distributor, Kenya Pipeline Company (KPC), is set to take over the refinery.
• It will utilize it for storage of super petrol, diesel, kerosene and the latest now being development of a bulk LPG (cooking gas) reserve.
• The Kenya Petroleum Refineries Limited was originally set up by Shell and British Petroleum Company BP to serve the East African region in the supply of a wide variety of oil products.

Kenya plans to fully turn its defunct oil refinery into a storage center for imported products, as the dream of refining its own crude oil fades ahead of commercial production projected to commence before 2027.

Both the government and British exploration firm, Tullow Oil, which is seeking joint ventures for the Turkana oil project, are hopeful Kenya will go into commercial oil production in the short-term.

However, it is now clear that the country has no plans …