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Tullow Oil plans to increase the exploration expenses of About 90 million dollars (77 million euros) this year to about 150 million dollars (128.5 million euros) next year.
He has significantly reduced his debt in recent years. CEO Paul McDade told Irish Independent that his "big agenda" is to put the company back on a strong growth path after repairing the balance sheet.
The debt-to-business ratio – a measure of debt versus profits – times earnings. It is below the goal of the board policy of two and a half times the debt to profits.
Net debt rises to $ 3.1 billion. But despite a performance above the target, McDade said he wanted to reduce the company's debt from $ 3.1 billion to $ 2.5 billion
"If the # 39, we consider the level of absolute indebtedness, 3.1 billion dollars [earnings before interest, taxation, depreciation and amortisation] "We have and the form of the company, and we want to reduce it a bit.
" 2.5 Billion dollars feel like a comfortable level of business debt – even though oil prices have been brought down to $ 50 Mr. McDade said:
Asked about the price of oil, which was on the rise in recent months, McDade said that geopolitical events have brought increases.
"If we can stay at this price level, we can generate very high cash flows and maintain them, and bring back the business to growth. "
He said the prospect of exploring The most exciting of the company is in Guyana. Exxon Mobil yesterday raised its estimate of recoverable barrels from a perspective at which Tullow has adjacent assets.
"You can certainly expect to see us drill the next year and there may be some wells that we would drill in this area.It's a bit the hottest territory in the world of point of view of exploration. "
In Kenya, where the company conducted a pilot project disrupted by protests against the government, Mr. McDade said that he was waiting to restart operations in the coming weeks. "This is part of what we have been waiting for and we are very keen to deal with this kind of problem now and before we start the big investment," he said.
Yesterday, the company reported rose from $ 788 million last year to $ 905 million this year, after-tax profit being $ 55 million.
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