OIL in talks with Tullow for stake in Kenya block
Oil India (OIL) chairman and managing director Ranjit Rath on Thursday said the state-run oil company is holding discussions with London-based Tullow Oil for a potential stake in its oil block in Kenya. “As these are confidential and high stakes are involved, I can only say that some discussions are going on,” Rath told reporters a day after the company reported 75% rise in its net profit to Rs 6,810 crore in FY23.
He said both OIL and ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), are in talks with Tullow Oil. The companies are reportedly seeking a 50% stake in the oilfield.
Speaking on the FY23 performance, Rath said OIL registered a 5.5% growth in oil production at 3.18 million metric tonne (MMT) and 4.4% growth in gas production at 3.18 billion cubic metre (BCM).
