Tullow Oil
Video in Cape Town

Tullow Oil plc is a leading independent oil & gas, Europe, exploration and production group with a focus on four core areas: Africa, South Asia and South America.

Tullow Oil is a leading independent oil and gas exploration and production company. The Group has interests in over 85 exploration and production licences across 17 countries which are managed as three Business Delivery Teams: West Africa, East Africa and New Ventures. Our business model brings together the different parts of our business to create value in a responsible and disciplined manner. From a small Irish town called Tullow in 1985, to where we are today. Our Executive and non-executive Directors bring a broad range of experience to the Board. Strong and effective risk management is central to how we run our business. The journey from an initial discovery to long-term production. Tullow has a balanced portfolio of exploration, development and production assets which are split into three Business Delivery Teams: West Africa, East Africa and New Ventures. Encourage foreign direct investment through our international supply chain. This is an opportunity we thrive on, and is part of Tullow’s DNA. We also recognise that paying our taxes in our countries of operation is an important commercial, legal and moral obligation. The TEN Project is Tullow's second major offshore development in Ghana. Our strategy has shown Tullow’s resilience during the recent industry downturn and demonstrates our flexibility to oil price volatility. Through the assets we have onstream today, our production profile has potential to reach in excess of 100,000 bopd net to Tullow from the early 2020s, delivering substantial cash flow. We also plan to further reduce the underlying operating cost of each barrel produced in Ghana through the synergies in operating two offshore fields. In 2016, we continued low-cost exploration activities in the South Lokichar Basin in Kenya and management estimates that gross mean recoverable resources increased to 750 mmbbls. Exploration activity recommenced in December to further underpin the discovered resource base and close the gap towards the basin’s upside of 1 billion barrels. Lower industry costs, carries for our share of costs by JV partners and appropriate equity interests enable us to maximise a constrained budget and maintain a meaningful exploration and appraisal programme. In 2017, Tullow plans to drill the exciting Araku prospect offshore Suriname and conduct seismic campaigns in Mauritania, Kenya, Ghana, Jamaica, Uruguay and Guyana. In 2017, we will focus on completing the farm-down of the interest in our Uganda asset. Tullow’s high equity levels in parts of our asset base also present further future portfolio management opportunities. We selectively develop theoil we find, focusing on development projects that are economically viable and will return sustainable future cash flows. Further progress on the Kenyan and Ugandan developments was achieved in 2016 and significant steps have been taken in both countries to progress the projects and commence Front End Engineering Design (FEED) in The opportunity to develop the significant resources discovered in Kenya and Uganda is a major part of Tullow’s strategy. These low cost developments make them very competitive and commercially viable, even at low oil prices. Tullow will remain disciplined in terms of its budgeting, capital allocation and savings realised from more efficient ways of working. The Group is committed to retaining its cost-conscious approach, even when oil prices recover. As and when surplus cashis generated, cash is reinvested into additional operational activities, used to pay down debt or returned to shareholders.