2011 Annual Report PDF - Tullow Oil plc

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UK-based explorationists observing an outcrop of fluvial sands in the Nyamsika River Valley in Exploration Area 1, Uganda.
48 2011 operations overview Overall, the Group continues to deliver a strong operational performance. Material production growth was achieved in 2011 and excellent E&A results were also delivered. Two acquisitions were completed during the year and since year-end the farm-down in Uganda has concluded. 50 Exploration & Appraisal and Development & Operations overview Our bold exploration strategy differentiates Tullow within the industry and Tullow’s exceptional exploration success has provided an exciting and growing portfolio of development and production assets in both Africa and South America. 52 West & North Africa Tullow’s African production comes from Ghana, Equatorial Guinea, Gabon, Côte d’Ivoire, Congo (Brazzaville) and Mauritania. Whilst the main development and operating focus is on the Jubilee and TEN projects, offshore Ghana, Tullow has significant ongoing development activities and high-impact exploration acreage across this region. 55 South & East Africa Following success in Uganda, Tullow recently embarked upon the next stage of its exploration strategy in the region by securing significant acreage in Kenya and Ethiopia in 2011, with drilling, having commenced in Kenya in January 2012. 57 Europe, South America & Asia Tullow has gas production assets, ongoing developments and exploration acreage in the UK and the Netherlands which provide valuable cash flow to the Group. In South America, Tullow has significant exploration acreage in French Guiana, Guyana and Suriname. The Group also produces from the Bangora field in Bangladesh and has an exploration portfolio in Pakistan. In March 2012 Tullow commenced the process of divesting its Asian assets. OPERATIONS REVIEW WORKING WITH INTEGRITY & RESPECT Work with integrity and with respect for people, and for the environments in which we operate. Tullow takes a long-term view in conducting its business, which ensures we put fostering relationships and protecting the environment ahead of short-term gains. 2
Page 1 and 2: Tullow Oil plc 2011 Annual Report a
Page 3 and 4: Contents BUSINESS REVIEW Tullow had
Page 5 and 6: 4 2011 highlights 2011 was a very g
Page 7 and 8: Sales revenue $2.3 BILLION 2010: $1
Page 9 and 10: 1 WEST & NORTH AFRICA SOUTH & EAST
Page 11 and 12: In Ghana, we have experienced techn
Page 13 and 14: More information Page Strong organi
Page 15 and 16: CLEAR VISION SPECIAL FEATURE TO BE
Page 17 and 18: 1 Exploration & appraisal 7 Shared
Page 19 and 20: EXPLORATION & APPRAISAL Strategic p
Page 21 and 22: DELIVERING MATERIAL PRODUCTION GROW
Page 23 and 24: 21 www.tullowoil.com
Page 25 and 26: RISK MANAGEMENT Strategic priority:
Page 27 and 28: SUSTAINING OUR GOOD REPUTATION 25 w
Page 29 and 30: 27 www.tullowoil.com
Page 31 and 32: CREATING SHARED PROSPERITY 29 www.t
Page 33 and 34: Key Performance Indicators MEASURIN
Page 35 and 36: More information Page Long-term per
Page 37 and 38: Financial results and KPI summary 2
Page 39 and 40: Operating cash flow Higher producti
Page 41 and 42: Capital market relationships Tullow
Page 43 and 44: Regional business management units
Page 45 and 46: LONG-TERM PERFORMANCE RISKS We grou
Page 47: 1 Operational risk continued Key de
Page 51 and 52: 2 OPERATIONS REVIEW Europe, South A
Page 53 and 54: DEVELOPMENT & OPERATIONS A new scal
Page 55 and 56: Senior Drilling Supervisor with tra
Page 57 and 58: Mauritania & Senegal Production fro
Page 59 and 60: periods for Kasamene, Wahrindi, Kig
Page 61 and 62: 2 West African and South American e
Page 63 and 64: 62 Creating shared prosperity Creat
Page 65 and 66: More information Page Special featu
Page 67 and 68: Social performance standards We are
Page 69 and 70: 3 The effect of Uncontrolled Releas
Page 71 and 72: 3 Future talent pool In October 201
Page 73 and 74: 3 LOCAL CONTENT Creating real oppor
Page 75 and 76: 3 Key corporate responsibility poli
Page 77 and 78: 76 Chairman’s introduction At Boa
Page 79 and 80: 4 In order to provide the human and
Page 81 and 82: I am delighted to have taken on the
Page 83 and 84: Board of Directors EXPERIENCED LEAD
Page 85 and 86: 4 CORPORATE GOVERNANCE Ann Grant No
Page 87 and 88: Audit planning and update on releva
Page 89 and 90: Directors in their place. On 12 May
Page 91 and 92: CONTENTS 89 Introduction 89 Remuner
Page 93 and 94: Remuneration mix The pay structure
Page 95 and 96: 2011 PSP grant policy Executive Num
Page 97 and 98: Service agreements Each Executive D
Page 99 and 100:
4 Directors’ interests in the sha
Page 101 and 102:
4 Deferred Share Bonus Plan (DSBP)
Page 103 and 104:
Attendance at meetings The attendan
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BOARD PERFORMANCE EVALUATION 4 CORP
Page 107 and 108:
Executive team. In 2012, Tullow pla
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Company’s assets in whole or in p
Page 111 and 112:
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
Page 117 and 118:
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
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5 Commercial reserves estimates (no
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5 Note 2. Business combinations On
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5 Europe, South America and Asia $m
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5 Non-current assets by origin Ghan
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5 Note 6. Staff costs The average m
Page 135 and 136:
5 The Group’s profit before taxat
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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
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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
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5 Deferred tax assets are recognise
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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-
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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 and 172:
Commercial reserves and contingent
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Area Tullow Licence Fields sq km in
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Licence / Blocks Fields Area sq km
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Contacts Secretary & registered off
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K Kenya 6, 7, 57 Key financial metr
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M mmbbl mmboe mmscfd MoU MTM Millio
Page 183 and 184:
This report is printed on Heaven 42
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