Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Irish Stock Exchange  >  Tullow Oil plc    TLW   GB0001500809

News SummaryMost relevantAll newsSector newsTweets 

France Blocks Drilling In French Guyana On Environmental Concerns

share with twitter share with LinkedIn share with facebook
share via e-mail
06/13/2012 | 09:17pm CEST

By Geraldine Amiel and Alexis Flynn

Citing environmental concerns, France Wednesday suspended offshore oil exploration drilling permits in its overseas district of Guyana, a move that surprised oil majors that have beem eyeing a hot new geological play.

The French environment minister, Nicole Bricq, a member of President Francois Hollande newly-established administration, confirmed the decision, citing concerns for the local marine fauna. The permits will be suspended until the mining code has been reviewed. The current code wouldn't allow either the local population and stakeholders to be consulted on drilling, she said.

"The government doesn't call into question exploration on the Guyanese reserves but wishes to deeply reform the mining code to restore the national sovereignty in terms of the exploitation of its own resources and better protect the environment," the minister said in a statement.

The move, which was cheered by environmentalists, underscores anew the difficulty oil majors face in getting access to choice reserves. Oil majors around the world have embarked upon a global race to find new reserves and replace their current production.

Although located on the other side of the world from France at the East-Northern tip of South America, French Guyana is a French department and considered French soil.

A spokesman for Royal Dutch Shell PLC (>> ROYAL DUTCH SHELL PLC-B), the operator of an offshore project, said he had no information on the French government's move. "We have not been officially informed of this action and have no comment at this time," he said.

Shell, along with partners Tullow Oil PLC (>> Tullow Oil plc) and Total SA (TOT), has made significant discoveries in its license areas in the region, which geologists believe contains oil reservoirs that mirror those off the coast of West Africa.

Total wasn't immediately available to comment, while Tullow referred all questions to Shell as the operator.

The move comes a few days before the drilling operations were expected to start.

Ms. Bricq' move was praised by environmental protection association Guyane Nature Environnement. "We hail this decision," the association's representative Christian Roudgé said in a telephone interview. "These are risky industrial activities and they should be properly framed, which was not the case with the current mining code," he added.

The NGO called upon the government last week to end the exploration process, claiming that the project was weak in terms of plans to address potential pollution, with oil companies planning to use dispersant pollution products and drilling methods which are not allowed in France.

Write to Geraldine Amiel at [email protected] and [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on TULLOW OIL PLC
02:21p TULLOW OIL : strikes more oil in latest Turkana find
12:41p TULLOW OIL : Amid reshuffling, Africa-focused Tullow Oil ready to grow
10:25a TULLOW OIL : boosts exploration activity amid low seismic costs
04/26 HENLYS : Tullow says promoting CEO to chairman best for company
04/26 TULLOW OIL : Results of the Rights Issue
04/26 TULLOW OIL : Royal London to oppose election of Tullow Oil chair at AGM
04/26 TULLOW OIL : Production Runs Ahead Of Guidance In First Quarter Of 2017
04/26DJTULLOW OIL : 1Q West Africa Production Averaged 85,700 B/D; Backs Guidance
04/25 TULLOW OIL : Gets Subscribers For Remaining Rights Issue Shares (ALLISS)
04/25 TULLOW OIL : Gets Acceptances For 95% Of Shares Under Rights Issue (ALLISS)
More news
Sector news : Oil & Gas Exploration and Production - NEC
01:12p CRESCENT POINT ENERGY : posts surprise quarterly profit
11:22aDJCNOOC : 1Q Revenue Rose 55.8% on Year to CNY38.39 billion
01:58a CONOCOPHILLIPS : Cenovus faces investor displeasure after ConocoPhillips deal
04/25 TSX posts two-month high as energy, lumber shares rally
04/25 CONOCOPHILLIPS : Cenovus shareholder seeks to halt purchase of ConocoPhillips as..
More sector news : Oil & Gas Exploration and Production - NEC
Financials ($)
Sales 2017 1 631 M
EBIT 2017 354 M
Net income 2017 168 M
Debt 2017 3 735 M
Yield 2017 -
P/E ratio 2017 21,48
P/E ratio 2018 14,38
EV / Sales 2017 4,62x
EV / Sales 2018 3,79x
Capitalization 3 803 M
More Financials
Duration : Period :
Tullow Oil plc Technical Analysis Chart | TLW | GB0001500809 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 21
Average target price 2,75 $
Spread / Average Target -0,24%
Consensus details
EPS Revisions
More Estimates Revisions
Aidan Joseph Heavey Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Paul McDade Chief Operating Officer & Executive Director
Les Wood Chief Financial Officer
Angus Murray McCoss Executive Director & Exploration Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
TULLOW OIL PLC-33.46%3 803
CNOOC LTD-6.53%52 018
More Results