London — Britain’s Tullow Oil has delayed the final investment decision for its Kenya project to 2020 and has not yet sealed a tax deal in Uganda, which is needed for the progress of its plans there with Total, it said on Wednesday.
The Kenya delay was due to authorities asking for additional community consultations, which Tullow expects to be submitted in the second half of the year — later than anticipated, it said in a trading statement. On Tuesday, Tullow and its partners Total and Africa Oil signed commercial agreements with the Kenyan government, but it still needs to lock in financing for a $1.1bn pipeline to bring the oil to the coast.
Barclays said in a note the likelihood of a final decision on Uganda to come in as planned this year was declining.
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