Tullow Oil has officially exited Kenya after 14 years, finalizing the sale of its assets to Gulf Energy Limited for $120 million (Ksh15.5 billion). The British oil company received the first installment of $40 million (Ksh5.2 billion), with further payments contingent on project milestones and oil prices.

• Total sale price for Tullow Oil's assets in Kenya is $120 million (Ksh15.5 billion).
• The first payment of $40 million (Ksh5.2 billion) has been received by Tullow Oil from Gulf Energy Limited.
• Tullow Oil retains royalty payments and a no-cost option to re-enter the project with a 30 percent stake if a third party joins later.
• The sale proceeds will be used by Tullow Oil to reduce debt and strengthen its financial position, according to Managing Director Madhan Srinivasan.
• Tullow Oil initially came to Kenya in 2011 after oil discovery in Lokichar, Turkana, but full production was hampered by lack of infrastructure.