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

Real-time Quote. Real-time Tradegate - 10/26 10:02:00 pm
3.199 EUR   -0.03%
06:21p FTSE hits three-week low; commodities weigh
10/24 FTSE ends lower as commodities stocks slip
10/24 TULLOW OIL : *deutsche bank raises tullow oil plc price target to 30..
News SummaryMost relevantAll newsSector news 

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 geraldine.amiel@dowjones.com and alexis.flynn@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on TULLOW OIL PLC
06:21p FTSE hits three-week low; commodities weigh
10/24 FTSE ends lower as commodities stocks slip
10/24 TULLOW OIL : *deutsche bank raises tullow oil plc price target to 300 (240) penc..
10/21 TULLOW OIL : Luapula and Northern Provinces poised for oil exploration
10/19 Financials and energy stocks help FTSE to end higher
10/19 TULLOW OIL : Rift Valley Railways misses out on lucrative Turkana oil exports de..
10/17 TULLOW OIL : seeks contractors for Lokichar crude oil exports
10/17 TULLOW OIL : seeks contractors for Lokichar crude oil exports
10/14 TULLOW OIL : Government Oil Account Money Rises to Shs246 Billion
10/13 TULLOW OIL : *ms raises tullow oil plc to 'overweight' ('equal-weight') - pt 372..
More news
Sector news : Oil & Gas Exploration and Production - NEC
09:15pDJCNOOC : China's Cnooc Trims Its Exposure in Canadian North
08:49pDJDow Industrials Rise Despite Drag From Apple
08:35pDJDow Industrials Rise Despite Drag From Apple
06:37pDJStocks Mixed as Earnings Vary
05:53pDJStocks Mixed as Tech Shares Fall on Earnings
More sector news : Oil & Gas Exploration and Production - NEC
Financials ($)
Sales 2016 1 455 M
EBIT 2016 263 M
Net income 2016 4,11 M
Debt 2016 4 807 M
Yield 2016 -
P/E ratio 2016 39,76
P/E ratio 2017 16,67
EV / Sales 2016 5,51x
EV / Sales 2017 4,13x
Capitalization 3 216 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 26
Average target price 3,36 $
Spread / Average Target -4,3%
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
Ian Springett Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
TULLOW OIL PLC39.29%3 216
CNOOC LTD28.85%61 620
OIL & NATURAL GAS CORP..21.90%36 989
More Results