British oil explorer Tullow Oil has written off a further Sh18.8 billion ($145.4 million) from its Kenyan assets, signalling deepening pessimism at the company over its prospects of advancing the Turkana oil project to commercial exploitation.
The impairments reflect uncertainty about the company receiving and finalising an acceptable offer from a strategic investor, obtaining financing for the project, and getting the government to deliver on the required infrastructure and fiscal terms to make the project viable.
