British oil and gas exploration company Tullow Oil has valued its Kenya operation at over 32.4 billion shillings ($252.6 million) as it plans a possible stake sale to a strategic investor, Business Daily newspaper reported.

In its financial report for 2022, the company said that the book value of its Kenyan assets stands at $252.6 million, and a positive outcome to bag a production licence and attract a new strategic investor will unlock higher asset valuation.
However, the company may have to write off the entire asset value if it fails to resolve uncertainties surrounding the project, which include finding an acceptable investment offer and government approval, etc.

The firm has submitted an updated field development plan for the Turkana oil fields.

Tullow and its joint venture partners Africa Oil Corporation and TotalEnergies submitted an initial plan in December 2021 but were asked to revise it as a condition for receiving the go-ahead to production, the newspaper said.

(Editing by Seban Scaria )