Tullow Ends 10-Year Quest for Kenya Oil With $120 Million Sale

Tullow Oil Plc will sell its oil assets in Kenya for $120 million, after struggling for more than a decade to develop discoveries in the East African nation.

Tullow agreed to sell the fields to Gulf Energy Ltd., a Nairobi-based oil and gas trader, for an initial payment of $40 million, with the remainder spread over subsequent years, according to a statement on Tuesday.

The deal marks the end of Tullow’s pan-African growth ambitions, leaving the company concentrated on legacy assets on the western side of the continent as it focuses on paying down debt accumulated during its previous phase ...