Reuters: Tullow reviews African assets to cut costs as oil prices tumble

Africa-focused oil and gas explorer Tullow Oil has placed some of its African offshore drilling projects under review as it plans to cut exploration costs to deal with the consequences of tumbling oil prices.

The company is reviewing operations in French Guiana and Mauritania and said it would cut exploration spending by $1.4 billion over the next two years, refocusing on existing assets and discoveries in Africa where it can produce oil more cheaply.

"We're concentrating our firepower on our major developments and producing assets," Chief Executive Aidan Heavey told Reuters.

Among these are Tullow's Jubilee project in Ghana, where it expects to reach production of 120,000 barrels per day in the fourth quarter of 2015.
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