Following an unwavering commitment to exploration, Tullow has responded to lower oil prices by completing a sharp inflection in its strategic direction. In the 2011 to 2013 period, the company spent over US$1 billion annually as it looked to maintain its exploration momentum. Funds from the selective monetisation of discovered resources were used to support development activity and ongoing investment in exploration. In 2014, Tullow entered a period of intensive development offshore Ghana, and in the absence of material asset sales, exploration spend was cut to US$800 million, with further cuts in 2015 and 2016. The company made a measured return to high-impact exploration in 2017.