OVL in talks to acquire stake in Tullow’s $3.5 bn project

Besides Tokhi of OVL and Baindail of IOC, Tullow CEO Rahul Dhir was also present in the meeting, the pictures tweeted by the two showed.

OVL in talks to acquire stake in Tullow’s $3.5 bn project
Tullow holds a 50 per cent stake in the south Lokichar field and is looking to give up operatorship in favour of a strategic partner. TotalEnergie of France and Africa Oil Corporation holds 25 per cent each.

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation (IOC) are in talks to acquire a stake in Tullow Oil’s Lokichar oil field in Kenya.

Kenya’s Cabinet Secretary in the Ministry of Energy Monica Juma in a tweet confirmed the talks.

“Received and held a meeting with H.E. Dr. Virandar Paul, Indian High Commissioner to Kenya alongside representatives from Indian Oil Corporation Limited, Mr. Hridesh Baindail- Executive Director Indian Oil Corporation Ltd, Mr. Sanjeev Tokhi – Executive Director – OVL,” she tweeted.

Tullow also confirmed the talks.

“Tullow confirms that the Ministry of Petroleum and Mines hosted a meeting with Tullow and OVL in Nairobi as part of Tullow’s ongoing process to secure a strategic investor for Project Oil Kenya. The meeting was positive and the parties agreed to hold further discussions,” it said in a tweet.

Besides Tokhi of OVL and Baindail of IOC, Tullow CEO Rahul Dhir was also present in the meeting, the pictures tweeted by the two showed.

Tullow holds a 50 per cent stake in the south Lokichar field and is looking to give up operatorship in favour of a strategic partner. TotalEnergie of France and Africa Oil Corporation holds 25 per cent each.

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