London - 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.
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.
Tullow Oil, Britain'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.