Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Amid reshuffling, Africa-focused Tullow Oil ready to grow
by Daniel J. Graeber
Washington (UPI) Apr 26, 2017


With a reshuffling in the front office underway, Tullow Oil said Wednesday its production offshore West Africa for the first quarter met expectations.

Tullow CEO Aidan Heavey is handing the reins over to Paul McDade. The reshuffling follows what Heavey said was an "exceptionally busy" first quarter for the Africa-focused explorer. So far, the company has offered a greater stake in its operations in Uganda and is working to remediate some of the production infrastructure offshore West Africa, which was hampered last year by equipment problems.

"As I hand over my role as CEO to Paul McDade, I am confident that Tullow has the financial and operational flexibility to prosper in 2017 and beyond," Heavey said in a statement.

For full-year 2016, the company said it ended the year with $1 billion in free cash. Tullow is one of the premier players in emerging West Africa and said in February 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.

In its latest statement, the company said its working interest in West African oil production for the first quarter averaged 85,700 barrels of oil equivalent per day.

"Tullow's 2017 full year production forecast is unchanged with West Africa working interest oil production, including production-equivalent insurance payments, expected to average between 78,000 and 85,000 barrels of oil per day," the company stated.

Spending last year for Tullow was $900 million and the forecast for capital expenditures this year is lower by more than 40 percent. The company's full-year 2016 revenue of $1.3 billion was 21 percent lower year-over-year, though its losses improved considerably over 2015.

The company said Wednesday its capital spending plan for the year remains unchanged.

OIL AND GAS
Georgia formally ratifies EU energy treaty
Washington (UPI) Apr 25, 2017
Leaders from the European Union said Tuesday they welcomed Georgia, a former Soviet republic, as the latest member of the European energy community. All 89 members of the Georgian Parliament ratified an agreement Monday to align energy policies with the European Union. "The Energy Community welcomes Georgia's accession and the commitment for approximating Georgia's energy sector ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Degradable electronic components created from corn starch

Towards more efficient biofuels by making oil from algae

Algal residue - an alternative carbon resource for pharmaceuticals and polyesters

For Palestinian family, an udder-ly unique power source

OIL AND GAS
Indian Space Agency Comes Up With an App Indicating Solar Power Potential

Ancala and Anesco deploy large scale battery at UK solar farm

Light can improve perovskite solar cell performance

Scientist invents way to trigger artificial photosynthesis to clean air

OIL AND GAS
Norwegian company envisions wind energy role for oil production

Oklahoma to end tax credits for wind energy

German power company examining new wind energy options.

Canada sees emerging role for wind energy

OIL AND GAS
Andra continues Areva contract to operate its Aube Surface Disposal Facility

Court deals setback to South Africa's nuclear ambitions

The critical importance of Predictive Power when building NPPs

AREVA NP Signs Contract for Outage Services at Farley Nuclear Generating Station

OIL AND GAS
In Washington, the economic world meets Trump climate skepticism

Proposed cuts in US climate science reverberate worldwide

UK Space Agency and CNES join forces to curb climate change

In new paper, scientists explain climate change using before and after photographic evidence

OIL AND GAS
Automakers see promise in China car-sharing

China's quota threat charges up electric car market

Imitation Game: China carmakers ape foreign brands at Shanghai show

Beyond China, carmakers seek new drivers of Asian growth

OIL AND GAS
Western Iraq ambush on military convoy kills 10

Iraq summons Turkish envoy over Erdogan interview

Iraq forces retake more areas in west Mosul

Iraq forces free 11-year-old Yazidi girl in Mosul

OIL AND GAS
Iran FM mocks US claims it is violating nuclear deal

New actor Trump heightens N. Korea drama: analysts

China urges Korea peninsula denuclearisation

United States begins review of nuclear arsenal









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.