Oil and gas explorer Tullow Oil has announced that it will focus investments on its oil producing assets and existing discoveries in West and East Africa from 2015
Tullow Oil said in a statement that the company will spend around US$2.1bn in 2015 for its exploration, appraisal, development and production activities in the African regions. The company will also spend US$900mn for the TEN development project in Ghana.
The TEN development project includes the collective development of three oil and gas fields located offshore Ghana.
Aidan Heavey, CEO of Tullow Oil, said, “In light of current oil and gas sector challenges – including the commodity price environment – we are reviewing our capital expenditure and cost base to ensure that the company is well-positioned for future success.”
Heavey also noted that by 2017, the company expects to be producing over 100,000 bpd of high quality and high margin oil from its producing assets in western Africa. “The company will continue to seek new low-cost exploration acreage in its core geographical areas to keep its industry-leading exploration position,” he said.
