Tullow gets Sh1.1bn to waive Kenya oil royalties

Gulf Energy will pay Tullow Oil $9 million (Sh1.16 billion) for the British firm to give up rights to future royalties of $0.5 per barrel and repurchase of shares in the Turkana oil project. Tullow has already received the first two tranches of the staggered $120 million payment for the sale of its Kenyan assets. The third and final $40 million tranche will be paid in quarterly installments starting September 2028, contingent on Brent crude oil prices. This transaction allows Tullow to make a clean break from the Turkana project, where oil was first discovered in 2012.