Tullow’s Kenya Sale Can’t Proceed Until Buyer Submits Field Plan

Tullow Oil Plc’s $120 million agreement to sell its Kenya oil discoveries will only come to fruition once the buyer sets out a plan for development, the regulator said.

Tullow agreed to sell the fields to Gulf Energy Ltd., a Nairobi-based oil and gas trader, in April after struggling for more than a decade to bring them on stream. The development plan became a stumbling block for the company, and it ultimately offloaded the finds to focus on legacy assets in West Africa.

“The transaction is still ongoing,” Daniel Kiptoo, director-general of Kenya’s Energy and Petroleum Regulatory Authority, ...