Tullow to stress existing finds over exploring after oil's crash

CAPE TOWN, South Africa (Bloomberg) -- Tullow Oil, a British oil producer active across Africa, will emphasize exploration onshore in Kenya over costly offshore wells as the company grapples with lower oil prices. “We just cannot compete on the international scene unless we cut those costs back,” Tullow CEO Aidan Heavey said in an interview in Cape Town. With “a high cost environment and lower oil prices, you really have to focus in on the areas that are more cost-effective to develop.”

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