Tullow Oil PLC Thursday said it was making its largest ever write off of $2.7 billion before tax, mostly resulting from unsuccessful exploration programs and the drop in value of licenses, discoveries and assets resulting from the plunge in oil prices . The write offs include a decrease in value of $600 million across all of Tullow’s assets, including producing oil fields, oil in the ground and equipment. They also include $1.2 billion related to discoveries in previous years that now have no prospect of commercialization amid the weaker oil prices and unsuccessful exploration drilling. The price of oil has more than halved in the past six months, hitting the exploration and production sector hard. Unlike the major oil companies BP PLC and […]