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Tullow Oil hit with pre-tax loss

The scale of the difficulties facing Irish oil exploration company Tullow Oil were laid bare yesterday when it announced it was scrapping its final dividend payment and cutting jobs on the back of a $2bn pre-tax loss.

The oil exploration company said it was planning to save $500m over the next three years through cuts in staff, capital expenditure, operating costs and administrative expenses.

The company has about 140 staff in its Dublin office and chief executive Aidan Heavey said that all of its offices will suffer cuts to varying degrees.