The charity announced the decision to supporters in the summer 2007 edition of its supporter magazine Inside Oxfam, in response to a letter questioning the environmental impact of the programme.
But Gareth Simpson, head of events at the charity, told Third Sector Online: "This is a fundraising-led decision. Our Global Challenges have made a considerable amount of money, but with limited resources we have to concentrate on the greatest fundraising opportunities for Oxfam."
He added: "The decision also has the benefit of reducing our carbon footprint by 200 flights a year."
Following the review, Oxfam will concentrate on encouraging supporters seeking adventure challenges to participate in its 100km Trailwalker UK fundraising event across the South Downs in July.
Oxfam's decision comes after Cancer Research UK announced it would drop its programme of overseas challenges this year because it was no longer proving economically viable.