Tullow Oil Exits Kenya After Selling Entire Turkana Assets to Gulf Energy for Ksh15.6 Billion

Last Updated on July 22, 2025 by Turkana County News Online

Tullow Oil has officially reached an agreement to sell its entire portfolio of oil assets in Turkana to Gulf Energy in a Ksh15.6 billion deal, marking its exit from the Kenyan market after more than a decade of exploration in the South Lokichar Basin.

The transaction includes all of Tullow’s working interests in Kenya, which represent approximately 463 million barrels of contingent oil resources.

Under the terms of the agreement, Tullow will also receive royalties from future oil production. Additionally, the company retains a no-cost option to re-enter the project with a 30% stake if a third party becomes involved at a later stage.

Although most aspects of the deal have been finalized, the transaction is still subject to regulatory approvals, including clearance from the Competition Authority of Kenya.

Tullow’s decision to exit the Kenyan market is partly attributed to the Ksh19 million loss it incurred during its operations in the country.