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Tullow Oil writes off $800m Kenya, Uganda investment

Tullow Oil equipment in Cheptuket, Elgeyo-Marakwet. Tullow Oil has written off $800 million of its exploration costs in Kenya and Uganda after lowering its forecast for long-term crude oil prices. PHOTO | FILE | NATION MEDIA GROUP

By  BUSINESS DAILY

Nation Media Group

Tullow Oil has written off $800 million of its exploration costs in Kenya and Uganda after lowering its forecast for long-term crude oil prices.

Oil firms recover their exploration costs over years once production and sale of the commodity start, with lower oil prices indicating a slower-than-expected rate of recouping the investment.

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