Bloomberg: European Oil in ‘Doldrums’ Needs Discovery, Tullow CEO Says

European exploration and production companies need a major discovery or acquisitions “to ignite” investor interest in the flagging industry, Tullow Oil Plc (TLW) Chief Executive Officer Aidan Heavey said.

“It’s been two years now in the doldrums, which is a long time,” Heavey said today in a phone interview. “The market here needs something to get it excited. It’s just kind of bored, there has been no real activity.”

The FTSE AIM Oil and Gas Index, which has 113 European explorers, fell about 28 percent in the last 18 months after some investors switched focus to U.S. petroleum companies. The SIG Oil Exploration & Production Index, with 21 North American members, was little changed in the period.
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