Tullow exploration budget could double next year

摘要

Tullow Oil's exploration budget could double again although governments need to reduce terms to provide encouragement, according to the company's boss. In January Tullow wrote off US $2.3 Bn in previous exploration and assets, and reduced its target exploration budget for this year to $200m, from $1 Bn in 2014. Its focus this year will be onshore Kenya alongside a strategic return to cheaper offshore shelf drilling from the previous concentration on deepwater. "We will still be a big spender and probably the biggest exploration spender in Africa, but I don't think we are going to near those ($1 Bn) levels," Chief Executive Officer Aidan Heavey told Reuters.