Tul­low Oil re­duces spend to Sh92bn

The Star (Kenya) - - News Business -

Tul­low Oil low­ered its spend­ing again yes­ter­day in the face of low oil prices and cut pro­duc­tion tar­gets due to the slower than ex­pected in­crease in out­put from its new TEN oil fields off­shore in Ghana. Tul­low said it has cut its 2016 cap­i­tal ex­pen­di­ture bud­get to $900 mil­lion (Sh91.55 bil­lion) from $1 bil­lion (Sh101.72 bil­lion) and ex­pected 2017 spend to be in $300 mil­lion range.

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