job cuts <\/a>this week as the company cuts down on expenditure.<\/p>\nThe exploration programme Tullow adds will predominately focus on a number of high-impact, low-cost exploration opportunities in East Africa where it has licenses in Kenya and Uganda.<\/p>\n
\u201cWhile this is a challenging time for our sector, Tullow is fortunate to benefit from world-class, low-cost and high-margin assets, strong and growing cash flows and a broad, diversified funding position,\u201d says Tullow Oil CEO Aidan Heavey.<\/p>\n
The capital that has been directed elsewhere according to Aidan will be re-allocated towards production assets and the commercialization of existing discoveries which generate significant value and near-term cash flow for the Group.<\/p>\n
The company projects to make a $600 million gross profit in 2014 down from $1.4 billion in the previous year with revenues down $400 million to 2.2bn over the same period.<\/p>\n
Meanwhile the company has announced that it continues with South Lokichar Exploration and Appraisal programme with drilling recently completed at the Ngamia-5 and Ngamia-6 wells. In addition, the Amosing wells are being prepared for the first Extended Well Test in Kenya.<\/p>\n
Elsewhere in the Lokichar basin results are being awaited from the drilling of Epir-1 while the drilling of Engomo-1 well in the Turkana basin has commenced.<\/p>\n
The maiden Lekep-1 well testing the Kerio Valley Basin, is expected to be drilled in the second half of 2015 along with multiple appraisal wells in South Lokichar as work progresses on the East Africa development plan.<\/p>\n
[twitter-follow screen_name=’oilnewskenya’]<\/p>\n","protected":false},"excerpt":{"rendered":"
[twitter-follow screen_name=’oilnewskenya’] Tullow Oil has said it will be shrinking its 2015 exploration expenditure capital to just $200 million from $1 billion in 2014 as it takes steps to strengthen … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":2318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[142,671,765,785,838,843,1299,1399,1738,1739,1882,2378,2571,2581],"class_list":["post-2317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-amosing-well","tag-east-africa","tag-engomo-1","tag-epir-1","tag-exploration-and-production","tag-exploration-expenditure","tag-kerio-valley-basin","tag-lekep-1","tag-ngamia-5","tag-ngamia-6","tag-oil-price-frop","tag-south-lokichar-basin","tag-tullow-oil","tag-turkana-basin","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/01\/onshore-oil-rig.jpg?fit=276%2C183&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Bn","jetpack-related-posts":[{"id":5546,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-budgets-225m-in-kenyas-pre-development-exploration-and-appraisal-expenditure-in-2017\/","url_meta":{"origin":2317,"position":0},"title":"Tullow Oil Budgets $225M in Kenya\u2019s Pre-development, Exploration and Appraisal Expenditure in 2017","author":"","date":"January 11, 2017","format":false,"excerpt":"Tullow Oil has announced that it will set aside $225M of the $500M Group\u2019s capital expenditure to Kenya\u2019s Pre-development, Exploration and Appraisal Expenditure this year. This expenditure is expected to be broken into $100M of pre-development expenditure and $125 million of Exploration and Appraisal spend. The new figures show a\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/tullow-oil.png?fit=385%2C255&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2040,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-on-offshore-exploration-to-focus-on-east-africa-acreage-as-crude-oil-price-drop\/","url_meta":{"origin":2317,"position":1},"title":"Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop","author":"Samuel Kamau Mbote","date":"November 12, 2014","format":false,"excerpt":"Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. \u201cIn light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital\u2026","rel":"","context":"In "Prices"","block_context":{"text":"Prices","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6675,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-spend-170m-kenyas-pre-development-exploration-appraisal-activity-2018\/","url_meta":{"origin":2317,"position":2},"title":"Tullow Oil to spend $170M in Kenya\u2019s Pre-Development, Exploration & Appraisal Activity in 2018","author":"","date":"January 10, 2018","format":false,"excerpt":"Tullow Oil estimates to spend approximately $170 Million in Kenya\u2019s Pre-Development, Exploration & Appraisal Activity in 2018 a majority of which is set aside for Exploration and Appraisal at $90 million and pre-development expenditure of $80 million. The capital expenditure in 2018 is a drop from last year\u2019s set expenditure\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Weatherford-Rig-at-Epir-watermark.jpg?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5763,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exclusive-tullow-oil-to-drill-an-additional-four-wells-in-kenya\/","url_meta":{"origin":2317,"position":3},"title":"Exclusive: Tullow Oil To Drill An Additional Four Wells In Kenya","author":"","date":"March 14, 2017","format":false,"excerpt":"Tullow Oil will be drilling an additional four wells with two of them confirmed and the rest in contingent status according to a source with information on the matter. The operator had earlier said it would drill four wells in 2017 in the South Lokichar basin including \u00a0Erut and Etete\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/KE-1316-Etuko-1-Marriott-PR46-Rig-2429-3.jpg?fit=512%2C768&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4864,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-receives-3-year-license-extension-in-kenyas-blocks-10bb-13t\/","url_meta":{"origin":2317,"position":4},"title":"Tullow Oil Receives 3 Year License Extension in Kenya\u2019s Blocks 10BB, 13T","author":"","date":"July 27, 2016","format":false,"excerpt":"Tullow has announced it has reached an agreement with the Government of Kenya to extend the exploration period for Blocks 10BB and 13T in South Lokichar to 18 September 2020 with the earlier extension set to expire in July and September 2017. This announcement comes as the company expects to\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Block-10BB-13T.png?fit=361%2C351&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":2317,"position":5},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. The reduction is an overall cut in the group\u2019s capital expenditure associated with operating activities which has reduced from $1.7 billion in\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2317"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2317\/revisions"}],"predecessor-version":[{"id":2966,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2317\/revisions\/2966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/2318"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}