The Chief Executive Officer of Tullow Oil Aidan Heavey is projecting that oil prices will recover from the fall in the next six months.
According to Aidan Heavey it is in the interest of players within the oil industry to ensure that the price of the commodity on the world market is stabilized.
Global oil prices have fallen sharply over the past ten months, leading to significant revenue shortfalls in many energy exporting nations including Ghana.
Tullow Oil plc continued operating at a loss in the first half of 2015 as weak oil prices ate into their revenue. Speaking to Citi Business News Chief Executive Officer of Tullow Oil plc Aidan Heavey was optimistic there will be a rise in the price of oil by the second quarter of 2016.
“I think I have been around a long time I have seen the oil prices go up and the same down and one thing for sure you get cyclist and so I don’t expect the oil prices to stay down much longer. I think the oil industry can cope with that, I think is in everybody’s interest to get it stabilized. Hopefully the profitability will come and that is very important for the companies and governments.”
I will expect that we may have a lower prices for the next six months but long term, I think the industry in other to be successful will see the prices rise again as we need growth to begin to go up, Chief Executive Officer of Tullow Oil plc Aidan Heavey told Citi Business News