Tullow Oil appoints ex-BP man
Tullow Oil, the oil exploration company, has recruited veteran oil financier Ian Springett
Springett was a BP lifer, who headed up the finance function at the US arm
and was also CFO of the upstream division.
He was with BP for 23 years, and he takes over from Tom Hickey.
Taking up his appointment in early September, Springett held several senior
finance positions in his 23 years with BP.
Tullow Oil’s main interests are in Ghana. Its share price has soared over the
last five years, with the company’s stock now worth ten times what it was in
2003.
There were rumours of a takeover bid earlier this year, with the share price
hitting a high in June before the company said that no bid was likely to
materialise.
The company boasted record profits for the last six months last week, meaning
Springett’s task will be to maintain the momentum. Tullow revealed its net
profit was £126m in the first six months of the year up from £37m in the same
period in 2007.
Tullow’s chairman Pat Plunkett said: ‘Ian is an experienced CFO and we look
forward to working with him.’