Read Larry Connors' blog – Short Term Trading Strategies
Mr Tim O'Hanlon, Tullow Oil's vice-president for African business, told the Business Power that they were interested in "spreading [their] equity around."
When asked if that included Uganda, Mr O'Hanlon said: "Yes...Uganda and Ghana are the jewels in our crown."
He noted that Tullow has 100 per cent equity in many of its Ugandan exploration blocks, unusual in the oil business.
The Jubilee has also attracted investment from major private equity firms and had been the subject of a heated bidding war, which included state-owned Chinese player, CNOOC.
Even as oil the company profits spiked last year, investment in new plays stagnated. The market tightened as creeping resource nationalism caused many countries with significant reserves to restrict the operations of independent oil companies in favour of national champions.
Oil firms are thus playing a premium for oil fields in countries open to private investment, such as Ghana and Uganda.
Tullow hopes that Jubilee will begin to produce next year, eventually generating 120, 000 barrels per day. Development in Ghana has proceeded much faster than in Uganda because the infrastructural challenges that dog the industry here are not present in Ghana, where the industry is offshore.
Tullow's share price dipped 0.58 per cent in trading last week, but is up nearly 40 per cent year-over-year. Oil rose 52 cents to settle at $68.56.
Tullow Oil is an Irish-based oil and gas exploration and production business headquartered in London. It is listed on the Irish and London Stock Exchanges and is a constituent of the FTSE 100 Index and ExxonMobil is an American oil and gas corporation.
It was formed on November 30, 1999, by the merger of Exxon and Mobil.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
