[Reuters]Kenya Revenue Authority has lost a case in which it was demanding Sh1.2 billion from Tullow Oil as value added tax (VAT) following the sale of an oil block in 2015. Tax assessmentIn April this year, the tribunal ruled in favour of the oil firm and set aside KRA’s tax assessment. Initially, Africa Oil had been licensed to explore for oil in the Kerio Valley block by the government. Petroleum systemPreliminary exploration by Tullow in 2016 showed the block has potential to become a key oil block. Tullow Oil then termed the find as the "most significant" well result to date in Kenya outside the South Lokichar basin.

Source: Standard Digital June 01, 2021 18:30 UTC