Hellenic Shipping News: Tullow Oil shifts Africa focus to onshore investments

Tullow Oil will shift its investment focus to its onshore East Africa portfolio and Ghana discoveries due to lower oil prices and poor offshore drilling results, as the company looks to rebuild investor confidence.
“In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success,” Tullow CEO Aidan Heavey said in interim management statement Wednesday.
Tullow will reduce capital spending by almost $300 million next year from $1 billion, limiting exploration to basin opening wells in Kenya and Ethiopia and offshore Norway.
“Our overall exploration spend will be significantly reduced and will focus primarily on East Africa where we have major basin-opening potential,” Heavey said.
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