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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016