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Oil slump hits Tullow

Tullow Oil, the Anglo-Irish oil firm headed by Aidan Heavey, has written €2bn off the value of its assets because of a slump in oil prices.

The Africa-focused oil group said it is also going to cut its overheads as it reacts to a rapidly changing environment for resources firms.

In a trading update, the oil company said that back in November it flagged that total non-cash write-offs and impairments were likely to be substantial following a review of its three-year investment plan.