2011 Annual Report PDF - Tullow Oil plc

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Licence interests Current exploration, development and production interests Area Tullow Licence Fields sq km interest Operator Other partners WEST & NORTH AFRICA Congo (Brazzaville) M'Boundi M'Boundi 146 11.00% ENI SNPC Côte d'Ivoire CI-26 Special Area "E" Espoir 235 21.33% CNR PETROCI CI-103 1,884 45.00% Tullow Anadarko, PETROCI CI-105 1,551 22.37% Anadarko PETROCI, Al Thani Equatorial Guinea Ceiba Ceiba 70 14.25% Hess GEPetrol Okume Complex Okume, Oveng, Ebano, 192 14.25% Hess GEPetrol Elon, Akom North Gabon Arouwe 1 4,414 35.00% 2 Perenco Avouma Avouma, South Tchibala 52 7.50% Vaalco Addax (Sinopec), Sasol, Sojitz, PetroEnergy DE7 2,188 28.60% Perenco Ebouri Ebouri 15 7.50% Vaalco Addax (Sinopec), Sasol, Sojitz, PetroEnergy Echira Echira 76 40.00% Perenco Etame Etame 49 7.50% Vaalco Addax (Sinopec), Sasol, Sojitz, PetroEnergy Gwedidi Gwedidi 5 7.50% 3 Maurel & Prom AIC Petrofi Kiarsseny Marin 5,442 52.78% Tullow Addax (Sinopec) Limande Limande 10 40.00% Perenco Mbigou Mbigou 5 7.50% 3 Maurel & Prom AIC Petrofi Niungo Niungo 96 40.00% Perenco Nziembou 1,027 40.00% Perenco Total Oba Oba 44 5.00% 3 Perenco AIC Petrofi Obangue Obangue 40 3.75% 3 Addax (Sinopec) AIC Petrofi Omko Omko 16 7.50% 3 Maurel & Prom AIC Petrofi Onal Onal, Maroc Nord 46 7.50% 3 Maurel & Prom AIC Petrofi Tchatamba Marin Tchatamba Marin 30 25.00% Perenco Oranje Nassau Tchatamba South Tchatamba South 40 25.00% Perenco Oranje Nassau Tchatamba West Tchatamba West 25 25.00% Perenco Oranje Nassau Tsiengui Tsiengui 26 3.75% 3 Addax (Sinopec) AIC Petrofi Turnix Turnix 18 27.50% Perenco Back-In Rights 4 Dussafu Marin 2,780 5.00% 5 Harvest Natural Pan-Petroleum Resources Etame Marin 2,972 7.50% Vaalco Addax (Sinopec), Sasol, Sojitz, PetroEnergy Etekamba 773 5.00% 5 Maurel & Prom Maghena 631 3.75% 5 Addax (Sinopec) Nyanga Mayombe 2,831 3.75% 5 Maurel & Prom Omoueyi 4,133 7.50% 5 Maurel & Prom Ghana Deepwater Tano Jubilee, Tweneboa, Enyenra, Ntomme 831 49.95% Tullow Kosmos, Anadarko, GNPC, Sabre 6 West Cape Three Points Jubilee, Mahogany 701 26.40% Kosmos Anadarko, GNPC, Sabre 6 Jubilee Field Unit Area 7 Jubilee 35.48% Tullow/Kosmos 8 Anadarko, GNPC, Sabre 6 170 Tullow Oil plc 2011 Annual Report and Accounts
Area Tullow Licence Fields sq km interest Operator Other partners WEST & NORTH AFRICA continued Liberia LB–15 3,400 25.00% Anadarko Repsol LB–16 3,225 25.00% Anadarko Repsol LB–17 3,150 25.00% Anadarko Repsol Mauritania Block 1 2,624 40.00% 9 Dana GDF Suez, Roc Oil 9 Block 2 4,898 89.27% 9 Tullow Dana, Roc Oil 9 PSC C–10 10,725 59.15% Tullow Premier, Kufpec, Petronas, SMH PSC A (Banda East) 110 67.30% 9 Tullow Premier, Kufpec, Petronas, Roc Oil 9 PSC B (Banda West, Tiof, Tevet) 403 64.14% 9 Tullow Premier, Kufpec, Petronas, Roc Oil 9 PSC B (Chinguetti EEA) Chinguetti 29 22.25% 9 Petronas SMH, Premier, Kufpec , Roc Oil 9 Block 6 4,023 27.42% 9 Petronas Roc Oil 9 Block 7 6,676 21.15% 9 Dana Petronas, GDF Suez, Roc Oil 9 Senegal St Louis 2,807 60.00% Tullow Dana, Petrosen Sierra Leone SL-07B-11 5,081 20.00% Anadarko Repsol SOUTH & EAST AFRICA Ethiopia South Omo 29,465 50.00% Tullow Africa Oil, Agriterra Kenya Block L8 5,115 15.00% 10 Apache Origin, Pancontinental Block 10A 14,747 50.00% Tullow Africa Oil, EAX (Afren) Block 10BA 16,205 50.00% Tullow Africa Oil Block 10BB 12,491 50.00% Tullow Africa Oil Block 12A 15,389 50.00% Tullow Africa Oil Block 12B 7,103 50.00% Tullow Swala Energy Block 13T 8,429 50.00% Tullow Africa Oil Madagascar Mandabe (Block 3109) 11,050 100.00% Tullow Berenty (Block 3111) 9,050 100.00% Tullow Namibia Production Licence 003 Kudu 4,567 31.00% Tullow Gazprom/NAMCOR JV, Itochu Tanzania Lindi 11 7,315 25.00% Aminex Solo Mtwara 11 5,045 25.00% Aminex Solo Uganda Exploration Area 1 3,066 33.33% Total CNOOC Exploration Area 1 (Jobi-Rii) Jobi-Rii 598 33.33% Total CNOOC Exploration Area 2 Mputa, Waraga, 1,527 33.33% Tullow CNOOC, Total Kasamene Exploration Area 3A (Kanywataba) 171 33.33% CNOOC Total Exploration Area 3A (Kingfisher) Kingfisher 344 33.33% CNOOC Total Notes: 1 Tullow has 'Back-In Rights' on this licence as well as a working interest. 2 Tullow has the option to acquire an additional interest in this licence through its 50% holding in Tulipe Oil SA. 3 Tullow's interest in this licence is held through its 50% holding in Tulipe Oil SA. 4 Back-In Rights: Tullow has the option, in the event of a development, to acquire varying interests in these licences. 5 Tullow has the option to acquire an interest in this licence through its 50% holding in Tulipe Oil SA. 6 Kosmos has agreed to acquire Sabre’s interests. Completion expected by mid 2012. 7 A unitisation agreement has been agreed by the partners of the West Cape Three Points and Deepwater Tano licences for the area covering the Jubilee Field Phase 1 Development Area. 8 Tullow is the Unit Operator. Kosmos is the Technical Operator for Phase 1 of the Jubilee Development. 9 Roc Oil is in the process of selling its Mauritanian interests to Tullow Oil. Interest shown is Tullow’s % on completion of this deal. 10 Tullow has the option to acquire a further 5% in this licence. 11 Tullow is in the process of withdrawing from the Lindi and Mtwara licences. 5SUPPLEMENTARY INFORMATION 171 www.tullowoil.com
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Tullow Oil plc 2011 Annual Report a
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Contents BUSINESS REVIEW Tullow had
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4 2011 highlights 2011 was a very g
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Sales revenue $2.3 BILLION 2010: $1
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1 WEST & NORTH AFRICA SOUTH & EAST
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In Ghana, we have experienced techn
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More information Page Strong organi
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CLEAR VISION SPECIAL FEATURE TO BE
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1 Exploration & appraisal 7 Shared
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EXPLORATION & APPRAISAL Strategic p
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DELIVERING MATERIAL PRODUCTION GROW
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21 www.tullowoil.com
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RISK MANAGEMENT Strategic priority:
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SUSTAINING OUR GOOD REPUTATION 25 w
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27 www.tullowoil.com
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CREATING SHARED PROSPERITY 29 www.t
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Key Performance Indicators MEASURIN
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More information Page Long-term per
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Financial results and KPI summary 2
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Operating cash flow Higher producti
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Capital market relationships Tullow
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Regional business management units
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LONG-TERM PERFORMANCE RISKS We grou
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1 Operational risk continued Key de
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48 2011 operations overview Overall
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2 OPERATIONS REVIEW Europe, South A
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DEVELOPMENT & OPERATIONS A new scal
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Senior Drilling Supervisor with tra
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Mauritania & Senegal Production fro
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periods for Kasamene, Wahrindi, Kig
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2 West African and South American e
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62 Creating shared prosperity Creat
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More information Page Special featu
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Social performance standards We are
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3 The effect of Uncontrolled Releas
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3 Future talent pool In October 201
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3 LOCAL CONTENT Creating real oppor
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3 Key corporate responsibility poli
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76 Chairman’s introduction At Boa
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4 In order to provide the human and
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I am delighted to have taken on the
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Board of Directors EXPERIENCED LEAD
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4 CORPORATE GOVERNANCE Ann Grant No
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Audit planning and update on releva
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Directors in their place. On 12 May
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CONTENTS 89 Introduction 89 Remuner
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Remuneration mix The pay structure
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2011 PSP grant policy Executive Num
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Service agreements Each Executive D
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4 Directors’ interests in the sha
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4 Deferred Share Bonus Plan (DSBP)
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Attendance at meetings The attendan
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BOARD PERFORMANCE EVALUATION 4 CORP
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Executive team. In 2012, Tullow pla
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Company’s assets in whole or in p
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All employees are helped and encour
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As part of our Code of Business Con
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Independent Auditor’s Report to t
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Group balance sheet As at 31 Decemb
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Group cash flow statement Year ende
Page 121 and 122: The principal accounting policies a
Page 123 and 124: 5 Finance costs of debt are allocat
Page 125 and 126: 5 Commercial reserves estimates (no
Page 127 and 128: 5 Note 2. Business combinations On
Page 129 and 130: 5 Europe, South America and Asia $m
Page 131 and 132: 5 Non-current assets by origin Ghan
Page 133 and 134: 5 Note 6. Staff costs The average m
Page 135 and 136: 5 The Group’s profit before taxat
Page 137 and 138: 5 Note 12. Property, plant and equi
Page 139 and 140: 5 Note 13. Investments 2011 $m 2010
Page 141 and 142: 5 Note 18. Trade and other payables
Page 143 and 144: 5 The $3.5 billion Reserves Based L
Page 145 and 146: 5 Note 20. Financial instruments Fi
Page 147 and 148: 5 Oil and gas prices The Group uses
Page 149 and 150: 5 Financial derivatives The Group i
Page 151 and 152: 5 Deferred tax assets are recognise
Page 153 and 154: 5 Note 27. Share-based payments 200
Page 155 and 156: 5 UK & Irish Share Incentive Plans
Page 157 and 158: Independent Auditor’s Report to t
Page 159 and 160: Company balance sheet As at 31 Dece
Page 161 and 162: Notes to the Company financial stat
Page 163 and 164: 5 Note 6. Bank loans Current Short-
Page 165 and 166: 5 Note 9. Shareholders’ funds Sha
Page 167 and 168: 2010 Share Option Plan (2010 SOP) a
Page 169 and 170: 5 Note 13. Subsequent events Since
Page 171: Commercial reserves and contingent
Page 175 and 176: Licence / Blocks Fields Area sq km
Page 177 and 178: Contacts Secretary & registered off
Page 179 and 180: K Kenya 6, 7, 57 Key financial metr
Page 181 and 182: M mmbbl mmboe mmscfd MoU MTM Millio
Page 183 and 184: This report is printed on Heaven 42
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