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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements