BusinessCompany NewsTullow Oil FD in cost-saving drive

Tullow Oil FD in cost-saving drive

Following the massive surge in oil and petrol prices this week and the recent Shell reserves fiasco, Tom Hickey of independent oil company Tullow Oil says the key rule is not to waste money.

Link: Read the full interview with Tom Hickey

Speaking to Accountancy Age Hickey said: ‘There is always a temptation every year to budget for $28 to $30 a barrel of oil, but in the long term you want to make sure the business has enough funds to sustain it.

As FD, Hickey has just wrapped up his biggest deal to date, overseeing Tullow Oil’s takeover of Energy Africa for £315m.

Hickey’s comments come as Opec representatives met in Beirut today to discuss further action after oil prices plunged 6% to $39.96 after the United Arab Emirates and Kuwait pledged to join Saudi Arabia in adding fresh barrels to global supplies.

Earlier in the week, oil prices surged to $42.33 – the highest settlement price in the contract’s 21-year history on the New York Mercantile Exchange.

It followed a suspected al-Qaeda assault at the Saudi oil hub of Khobar.

In the UK, petrol prices leaped above the £1 a litre, with farmers and hauliers now planning major fuel protests.

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