Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
0
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
0
Latest news on TULLOW OIL PLC
02:41p TULLOW OIL : Rush is on to get East Africa’s oil, gas to the market
08/28 TULLOW OIL : Kenya is set to join the league of oil exporting countries in 2017
08/26 TULLOW OIL : British firm to start oil production in Kenya in 2017
08/26 TULLOW OIL : Raises Kenyas oil Export hopes with March 2017 Production Date
08/25 TULLOW OIL : Kenya to Be an Oil Exporting Country in June 2017
08/25 TULLOW OIL : Kenya to start exporting oil in June 2017
08/24 TULLOW OIL : Kenya to start exporting oil in June
08/24 TULLOW OIL : Kenya to begin exporting oil in June 2017
08/24 TULLOW OIL : Kenya to begin exporting oil by 2017, president says
08/23 TULLOW OIL : *barclays cuts tullow oil plc price target to 310 (320) pence - 'ov..
More news
Sector news : Oil & Gas Exploration and Production - NEC
05:54p CONOCOPHILLIPS : Oil down nearly 2 percent on surging OPEC output, strong dollar
07:00aDJWilliams Adds Three New Directors
08/25DJPETROCHINA : China Oil Drillers Take Hit -- WSJ
08/24DJPETROCHINA : and Cnooc Results Plunge
08/24DJCNOOC : Swings to Net Loss of CNY7.74 Billion in First Half
More sector news : Oil & Gas Exploration and Production - NEC
Advertisement
Financials ($)
Sales 2016 1 471 M
EBIT 2016 279 M
Net income 2016 23,6 M
Debt 2016 4 748 M
Yield 2016 -
P/E ratio 2016 33,56
P/E ratio 2017 17,75
EV / Sales 2016 5,11x
EV / Sales 2017 3,91x
Capitalization 2 771 M
More Financials
Chart TULLOW OIL PLC
Duration : Period :
Tullow Oil plc Technical Analysis Chart | TLW | GB0001500809 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Consensus 
Mean consensus HOLD
Number of Analysts 26
Average target price 3,33 $
Spread / Average Target 9,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
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 PLC20.98%2 782
OCCIDENTAL PETROLEUM C..14.14%58 952
CNOOC LTD17.60%55 279
CONOCOPHILLIPS-9.40%52 389
EOG RESOURCES INC27.39%49 657
CANADIAN NATURAL RESOU..40.51%35 032
More Results