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Namibia: Tullow drops Kudu gas development as share price tumbles

Tullow Oil and its partner Itochu Corporation are pulling out of the Kudu gas field development, transferring their stake back to the government, which looks set to bring in Chinese partners in their place. Industry sources said Tullow had lost patience with the slow progress on the project, where the government had been supposed to find a new upstream partner to take a portion of the 54% stake held by National Petroleum Corporation of Namibia (Namcor), and to provide guarantees to underwrite the project.

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