by Daniel J. Graeber
(UPI) Jun 28, 2017
Africa-focused oil and gas explorer Tullow said it was trimming its spending plans as the company's chief executive officer focuses on financial discipline.
"Tullow continues to make good progress despite tough market conditions," CEO Paul McDade said in a statement.
Aidan Heavey in April handed over the reins of the office of the chief executive to McDade, who served as the chief operating officer since 2004.
Tullow, which has headquarters in London, is invested heavily offshore West Africa. The company said first-half production of around 81,400 barrels of oil equivalent per day was in line with its expectations. First quarter averaged 85,700 barrels of oil equivalent per day, though in February the company said its production for 2017 would likely average 78,000 barrels of oil per day at the low end, a marked increase from the previous year.
So far, the company has offered up for sale a greater stake in its operations in Uganda and worked to fix some of the production infrastructure offshore West Africa, which was hampered last year by equipment problems. At its Jubilee field off the coast of Ghana, the company said it aims to address equipment issues at a floating production vessel over the next two years, but was on pace to resubmit a field development plan by the end of July.
Remediation could take up to 12 weeks, though drilling is set to begin in 2018.
On spending, the company said it revised its guidance for the year by 20 percent to $400 million, which in part reflects lowered expenditure across the entire portfolio
McDade said that, since taking over in April, he's satisfied with the investment decisions so far.
"Financial discipline and efficient capital allocation will be a key focus of my tenure as CEO as we seek to deleverage the company and return to growth even at low oil prices," he said.
Crude oil prices are relatively the same as they were last year, but more than $10 less than two years ago.
Washington (UPI) Jun 26, 2017
A gas company from Korea, one of the largest buyers of liquefied natural gas in the world, said it commenced a sales agreement with a U.S. supplier. The Korea Gas Corp. commenced a 20-year sales and purchase agreement with Cheniere Energy Inc., which operators the only facility in the United States with the permits necessary to export super-cooled LNG. "This is just the beginning ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|