Tullow Oil Pins Hopes On Kenya To Sway Doubters

"We'll continue discussions until we get the maximum value. It's ongoing. This is not something that's going to be quick," Heavey said.

The 60-year-old Heavey, who became chief executive a year after founding the group, said he had no plans to step down. "I'm very happy here, as long as the company's happy with me, I'm happy," he said, adding that the finds in Kenya meant it was an "incredibly exciting" time for Tullow.

On his agenda will be maintaining relations with the local community in Kenya. Tullow said it agreed with the government and its Kenyan partner, Africa Oil, to start studies on plans to develop facilities for extracting the oil and building an export pipeline, with the aim of giving a development project the green light in 2015/16.

The company faced community protests near its drilling site in Kenya in October. It has since said it has learnt its lesson and would avoid further disruption through more communication and by explaining how local people would benefit from the oil developments in time.

Providing guidance for its 2013 results, Tullow said that annual revenues would be $2.6 billion, with gross profits of $1.4 billion. It will announce full-year results on Feb. 12.


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