{"id":82705,"date":"2015-01-15T16:28:18","date_gmt":"2015-01-15T16:28:18","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=82705"},"modified":"2015-01-15T16:30:26","modified_gmt":"2015-01-15T16:30:26","slug":"tullow-writes-billions-due-oil-price-fall","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=82705","title":{"rendered":"Tullow writes off billions due to oil price fall"},"content":{"rendered":"<p>Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015.<\/p>\n<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/05\/tullow-oil-377540.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17156\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/05\/tullow-oil-377540.jpg\" alt=\"tullow-oil-377540\" width=\"590\" height=\"350\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/05\/tullow-oil-377540.jpg 590w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/05\/tullow-oil-377540-300x177.jpg 300w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><\/a>The London-listed company, which is working to contain costs amid a dramatic fall in oil prices, also said it was continuing to review its core business, days after a source told Reuters the firm was expecting to make job cuts.<\/p>\n<p>Tullow Oil is planning to cut jobs and has launched a staffing review.<\/p>\n<p>Oil companies across the globe are grappling with a drastic drop in oil prices that has hit earnings, putting firms under pressure to cut costs elsewhere.<\/p>\n<p>&#8220;Tullow will be a smaller company,&#8221; the source said.<\/p>\n<p>London-listed Tullow Oil employs more than 2,000 people across 22 countries, with its African operations accounting for half the total workforce.<\/p>\n<p>[contextly_sidebar id=&#8221;JtVLVxSSvOgRYa8Vqm1hpg4lAasNy6mm&#8221;]Tullow Oil has cut its capital expenditure plans for this year to $300 million, down from $1 billion invested in the first half of 2014 alone.<\/p>\n<p>It has already placed some of its smaller African offshore drilling projects under review in an attempt to rein in exploration costs.<\/p>\n<p>The oil firm is also listed on the Ghana Stock Exchange (GSE) with a sizeable workforce in Ghana.<\/p>\n<p>Tullow Oil, Britain&#8217;s fourth largest oil and gas firm and a FTSE 100 company, said it expected to make a gross profit of $0.6bn in 2014, with revenue of $2.2bn, slightly below analyst estimates compiled by Reuters.<\/p>\n<p>&nbsp;<br \/>\nSource: Reuters\/Fin24\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015. The London-listed company, which is working to contain costs amid a dramatic fall [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[22,4],"class_list":["post-82705","post","type-post","status-publish","format-standard","hentry","tag-medcirclesgh","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/82705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82705"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/82705\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}