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(Adds details, background) NAIROBI, March 12 (Reuters) - Kenya's president signed on Tuesday a long-awaited petroleum bill into law to regulate oil exploration and production and outlining how revenues will be shared between the government, local communities and companies. Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. The companies are working towards a final investment decision (FID) by the end of this year. The legislation is required for large-scale oil production but has been delayed by the tussle between layers of government and residents of Turkana, the poor northern region of Kenya where oil was found, over how revenues are shared out. An earlier draft passed by parliament in 2016 was never signed by President Uhuru Kenyatta. Of the revenues due to the state, the bill signed on Tuesday allocates 20 percent to local government, 5 percent to communities living where oil was found and 75 percent to central government. An earlier draft gave 10 percent to the communities. The bill also said parliament would review the percentages within 10 years. (Reporting by George Obulutsa Writing by Maggie Fick Editing by Edmund Blair) |
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Tullow Oil Plc
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EXPLORATION STAGE |
CODE : TLW.L |
ISIN : GB0001500809 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Tullow Oil is a oil exploration company based in United kingdom. Its main exploration property is BLOCKS I AND II - ALBERT BASIN in Congo Dem. Rep. of. Tullow Oil is listed in United Kingdom. Its market capitalisation is GBX 32.6 billions as of today (US$ 38.7 billions, € 34.7 billions). Its stock quote reached its highest recent level on October 18, 2013 at GBX 991.68, and its lowest recent point on January 08, 2021 at GBX 0.29. Tullow Oil has 1 386 600 000 shares outstanding. |