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.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars