Tullow Oil is pursuing the sale of 180,000 barrels of crude oil stored at Kenya Petroleum Refineries Limited (KPRL) following a surge in global oil prices. The company estimates potential revenue of Sh1.68 billion ($14.4 million) at current rates of $85 per barrel, up from Sh6,600 ($60) per barrel during the 2019 Early Oil Pilot Scheme (EOPS) export.
The crude, transported from Turkana's Ngamia 8 Oil Well to Mombasa, remains stranded at KPRL after the EOPS project ended in June 2020 without a second export. Tullow Managing Director Madhan Srinivasan stated the firm is nearing a deal with the Petroleum Ministry to finalize the sale.
The EOPS, which ran from mid-2018 to 2020, faced criticism for its high costs and limited commercial value. However, Tullow and the government argue the project provided critical market insights for Kenya's commercial oil development. The company is also seeking a strategic partner to advance the Lokichar fields, with plans to finalize terms by 2022.
Tullow CEO Rahul Dhir emphasized the need for a
