Tullow exit puts Kenyan firm Gulf Energy in driver's seat for oil riches

Influential Kenyan energy and infrastructure group Gulf Energy has agreed to acquire Tullow Oil's entire Kenyan holdings for a minimum of $120 million (Sh15.4 billion). The landmark move positions the local firm—which has risen to prominence in recent years following lucrative State-backed business deals—as the key player in the long-stalled Turkana oil project and its potential future riches.

The deal announced on Tuesday by the London-listed Tullow marks a significant shift in the landscape of Kenya's long-held ambitions to become a commercial oil producer. Already have an account? Login.