Tullow Oil Company has reiterated its confidence in the Turkana oil project’s potential to significantly boost Kenya’s resources if strategically managed.
Speaking to the Senate Committee on Energy, Madhan Srinivasan, Managing Director of Tullow Kenya BV, stressed the need for a strategic partner to secure financing and expand investment. He identified this step as crucial to unlocking the full value of the project.
Srinivasan believes that strengthening the project’s resource base could transform Kenya’s energy sector and generate substantial financial and social benefits. To further this goal, Tullow is working closely with key stakeholders, the Energy and Petroleum Regulatory Authority (EPRA), and the local community in Turkana County.
He informed the committee that Tullow submitted a Field Development Plan (FDP) in March 2023 and is finalizing revisions based on feedback from EPRA.
Upon approval, Tullow will begin critical workstreams to move the project toward a final investment decision (FID). Srinivasan emphasized Tullow’s strong technical expertise in developing the Turkana oil resource and highlighted the company’s efforts to establish refining channels for oil and gas development.
“Tullow is building a unique Pan-African operator platform with a highly experienced management team committed to Africa. Between 2020 and 2023, Tullow generated over $1 billion (Kes.129 billion) in free cash flow, and we expect an additional $200-300 million in 2024,” Srinivasan said.
He also pointed to Tullow’s successful track record of operational turnarounds, positioning the company as the ideal operator for the Turkana project.
Since the first discovery in 2012, Tullow has invested over $2 billion (Kes.258 billion) in Kenyan assets, resulting in the discovery of 585 million barrels of oil.
“The company continues to deliver social benefits, including water boreholes that support 20,000 households annually,” Srinivasan further submitted before the committee.
