Tullow Oil reviews African assets in shift to onshore investments
LONDON Nov 12 (Reuters) - Africa-focused oil and gas explorer Tullow Oil said it will concentrate its investment focus on its producing assets and existing discoveries because of weak oil prices and poor offshore drilling results.
The company is reviewing its operations in French Guiana and Mauritania and said it would focus its exploration and appraisal expenditure on its East African onshore projects.
"In light of current oil and gas sector challenges, including the commodity price environment, we are reviewing our capital expenditure and our cost base," Chief Executive Aidan Heavey said.
Tullow added that if it decides not to invest in French Guiana and Mauritania it expects to make susbtsantial non-cash exploration writedowns for the full year. (Reporting by Karolin Schaps; Editing by David Goodman)
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