Space Travel News  
OIL AND GAS
Africa-focused Tullow Oil cuts spending guidance by 20 percent
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.

OIL AND GAS
U.S. now supplying LNG to South Korea
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

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
OIL AND GAS
No One Under 20 Has Experienced a Day Without NASA at Mars

Mars Orbiter spots rover ascending Mount Sharp

India's Mars Orbiter Mission Completes First 1,000 Earth Days

University Students Mine for Water at NASA's Mars Ice Challenge

OIL AND GAS
Russian aerospace firm to cooperate with China on Lunar exploration missions

New NELIOTA project detects flashes from lunar impacts

Cube Quest Challenge Team Spotlight: Cislunar Explorers

Winning plans for CubeSats to the Moon

OIL AND GAS
NASA Completes Study of Future 'Ice Giant' Mission Concepts

King of the Gods: Jupiter Dated to Be Oldest Planet in the Solar System

New Horizons Team Digs into New Data on Next Flyby Target

A whole new Jupiter with first science results from Juno

OIL AND GAS
Could a Dedicated Mission to Enceladus Detect Microbial Life There

New branch in family tree of exoplanets discovered

NASA discovers 10 new Earth-size exoplanets

Finding new Earths: PLATO spacecraft to be built

OIL AND GAS
Orbex reveals space rocket factory

Developing Landing Tech for Space

Arianespace to orbit Airbus' upcoming constellation of observation satellites

Arianespace signs its initial launch contract for the new Vega C launcher

OIL AND GAS
China's cargo spacecraft completes second docking with space lab

China to launch four more probes before 2021

New broadcasting satellite fails to enter preset orbit

China launches remote-sensing micro-nano satellites

OIL AND GAS
Are NEOs Coming to Earth?

ESA boss urges action on 'ticking timebombs' in Earth orbit

B612 Creates Asteroid Institute

Rosetta finds comet connection to Earth's atmosphere









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.