Tullow Oil has cut an additional $200 million from its exploration budget.
It instituted a review of its operations in November and has since been shifting capital expenditure towards production assets and commercialisation of existing discoveries.
It yesterday said it expected its full-year results for 2014 to be impacted by the lower-price environment and a drop in gas production following assets sales in Europe and Asia.
Total revenues are expected to be around $2.2 billion, with gross profit around $600m. Non-cash write-off for the year is expected to total $1.2bn after tax, while the company is also factoring in expected impairments of $0.6bn and a loss on disposal charge of $0.5bn relating to the partial sale of the Schooner and Ketch gas fields in the UK and operations in Uganda.
