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VENTURES AFRICA – Oil and gas firm, Tullow Oil, on Friday promised that its critical oil exploration developments in Kenya, Ghana and Uganda will deliver major cash flow increases in the next three to five years.
Grand exploration programmes have been prepared for this year in some of these markets, Aidan Heavey, the CEO of Tullow, confirmed on Friday.
He said the company was well positioned for growth this year and had a suite of assets and business opportunities to support this.
He made these comments as the British firm released results for the full year ended 2013, saying it had generated nearly $2 billion of operating cash flow and had a robust balance sheet.
The company described the period under review as yet another year of exploration and production growth.
The firm said it had a $1 billion war chest some of which would be injected in Kenya, where the firm has 10 other tertiary basins to explore.