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Indian state oil companies in talks to buy stake in Tullow’s Kenya block -Oil India

Saturday, 27 May 2023 | 00:00

Indian state-run oil exploration companies are in talks with Tullow Oil TLW.L to buy a stake in the London-based firm’s block in Kenya, Oil India Chairman Ranjit Rath said on Thursday.

Oil India OILI.NS, along with ONGC Videsh ONVI.NS, the overseas investment arm of Oil and Natural Gas Corp, are talking to Tullow, Rath said, without elaborating on the size of a possible stake.

“All I can say is some discussion is going on,” he told reporters.

Tullow Oil has been seeking a strategic investor for its onshore oil project in Kenya. ONGC Videsh Ltd previously held discussions with Tullow Oil in Nairobi last July.

After the July meeting Tullow said the parties had agreed to hold further discussions on the matter.

Rath said that for overseas projects his company would like to partner with other state-run companies.
Source: Reuters (Reporting by Nidhi Verma; Writing by Sakshi Dayal; Editing by Jan Harvey and Susan Fenton)

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