UK oil giant Tullow insists it will not slash capital expenditure earmarked for Ghana despite the continuous drop in the price of crude on the world market which as affected its books.
The oil explorer last year cut to $300 million from $1 billion its exploration and appraisal budget for the first half of that year.
It’s a challenging time for the oil industry and most oil exploration companies are looking at their cost structures.
While most oil producing countries including Ghana have had to cut revenue projections due to the drop in prices.
Chief Executive Officer of Tullow Aidan Heavey speaking on Citi Fm said ‘ in relation to Ghana we are not cutting any of our investments, our focus of attention is on jubilee and TEN fields for TEN our focus is that it’s on time and within budget.’