Tullow Oil chief: Crude oil price to jump to $65

Oil prices should recover in the second half of this year and end 2016 at between $60 and $65 per barrel, Tullow Oil chief Aidan Heavey has said.

Mr Heavey was speaking yesterday on the back of a harsh set of annual results for the exploration firm, but said the second half of this year should see signs of recovery both for Tullow and the broader industry.

Tullow was ahead of the curve last year in cutting operating costs, capital expenditure, and re-sizing its operations to enable it to make money in the new oil price environment.