Tullow Oil trims spending and agrees loans with banks

Oil and gas producer Tullow Oil has cut its annual capital expenditure plans by $100 million to $1 billion and may reduce spending further as it adjusts its balance sheet to cope with weak oil prices.

The Africa-focused company also said its lenders had agreed to extend a revolving loan facility by a year and increase flexibility on another, showing banks were willing to support it during the oil market downturn.