Tullow Oil

Tullow oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and the Atlantic Margins. We have an exploration-led strategy which is funded through selective development projects and high-margin production.

Our portfolio of over 135 licences spans 22 countries and is organised into three regions. We are headquartered in London and have corporate offices in Ireland, Ghana, Uganda, Kenya and South Africa. We have a total global workforce of over 2,000 people, with approximately 50% of these working in our African operations. Our shares are listed on the London, Irish and Ghana Stock Exchanges and the Group is a constituent of the FTSE 100 index.  Our vision is to be the leading global independent exploration and production company and we believe we will achieve this through a continuing focus on core plays across Africa and the Atlantic Margins. Our portfolio of licences combines world-class exploration opportunities with further potential production growth from the discoveries we have made in Ghana, Uganda and Kenya.

In Africa we have over 40 licences across 12 countries. Ghana and Uganda have been the main focus of the company’s capital spend and operational activities since 2007, where fields have been discovered. More recently, exploration in Kenya has been a major focus for the business and will continue to be so as we look to make further discoveries and move to towards development of the discovered resources.

In Uganda, Tullow has held interests in licences in the Lake Albert Rift Basin since 2004. To date, over 70 wells have been drilled and 1.7 billion barrels of recoverable oil resources have been discovered. In February 2014, a Memorandum of Understanding (MoU) was signed between the Government of Uganda and Tullow, CNOOC and Total, which outlines the framework for the Lake Albert Rift Basin development which is targeting over 200,000 bopd gross production.

The export of the Ugandan and Kenyan crude will be an integrated project requiring a regional pipeline. The governments have signed an MoU and formed a Steering Committee to progress the pipeline project.

In Ghana, the world-class Jubilee field was discovered in 2007. First oil production commenced on schedule in November 2010 and production averaged 103,000 bopd gross in 1H 2014. Tullow received Plan of Development (PoD) approval for the Tweneboa, Enyenra and Ntomme (TEN) fields in May 2013 and the development project is progressing on budget and is scheduled for first oil in mid-2016 with a gross facility capacity of 80,000 bopd.

We have a well-established growth strategy and take a long-term perspective on developing our business. Our clear strategic priorities focus on operating in a responsible way in order to build a more sustainable business and make positive contributions to the societies where we operate, whilst delivering substantial returns to shareholders.

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