Business Irish

Saturday 22 October 2016

Heavey to see out oil cycle before leaving

Published 14/02/2016 | 02:30

Aidan Heavey chief executive of Tullow Oil
Aidan Heavey chief executive of Tullow Oil

Tullow Oil chief executive Aidan Heavey will see out the current cycle in the oil markets before looking to step down.

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The 62-year-old told the Sunday Independent that the company is planning for his departure.

"I'm not getting any younger, but I'll certainly see this cycle out. And there'll be a natural progression in Tullow. Every company has succession plans and we have them like everybody else. It's part of the responsibility of a board," he said.

"I've been through six cycles, I suppose, so far. Once that's out of the way, then maybe it's time I played a bit more golf.

"I think the cycle has lasted probably a little longer than most people had anticipated. If Opec does agree on something, or if the supply side fails to meet the demand side, it'll still take a bit of time to work out of the system. I don't see anything major happening for 12 months or so."

Heavey said that once the company's TEN project in Ghana begins producing oil, probably in the middle of the year, Tullow will begin negotiating with lenders in an effort to cut its debt as some facilities designed to cover emergencies will no longer be needed.

Sunday Indo Business

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