Tul low cuts exploration budget

摘要

UK-based Tullow Oil’s exploration budget will never return to a peak target of US $1 Bn, although spending could double from current lev- els starting next year, according to a report. In January, Tullow said it was writing off $2.3 Bn related to exploration and a number of its assets, and reduced its target exploration budget for 2015 to $200m from a target of $1 Bn in 2014.