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Monday, November 3, 2014
According to reports, Tullow Oil could exit Namibia’s giant Kudu gas field development. A Bloomberg report has the company in talks with the Namibian government to withdraw from the project.
Tullow has held its stake in the Kudu field for a decade, entering the acreage when it acquired Energy Africa in 2004. Currently the company holds a 31% stake in the project.
The company, which has capital intensive projects around Africa, in an email told Bloomberg that it needed to allocate capital to those projects. “It is clear that these developments rank higher than Kudu,” Tullow’s email to Bloomberg said. “However, Kudu remains an excellent project for Namibia and we are committed to assisting the government in moving it forward.”
In its H1 results report issued in July, the company gave no indication that it was considering a Kudu exit, stating that the gas project “continues to progress, Gas Sales Agreement negotiations are well advanced, and the Namibian national oil company is progressing the farm-out of a significant share of its upstream equity.”
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