ONGC Videsh Ltd. is reconsidering taking a stake in Tullow Oil Plc’s Kenyan assets following the exit of other project partners.
The Indian oil company needs more clarity after TotalEnergies SE and Africa Oil Corp. left the Kenyan consortium several weeks ago, an ONGC executive, who asked not to be named because the information was private, told reporters on Tuesday. The discussions of ONGC and Oil India Ltd. with Tullow they started before those companies decided to exit.
Tullow discovered crude oil in Kenya in 2012, but has yet to find strategic partners to unlock sufficient financing for the project. The country’s government has also yet to approve a resource development plan.
Tullow said there are still potential strategic partners for the Kenyan company, without naming any companies.
“Potential partners remain engaged and detailed farm discussions continue with a number of companies,” a Tullow spokesman said by email. The company remains focused on securing a partnership this year.
An Oil India spokesman said the company is “still evaluating” taking a stake in the Kenyan project.
