Tullow Oil plc Annual Report 2011 - The Group

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STAY UP TO DATEThis report is complemented by a range of onlineinformation and resources.SUPPLIER CENTREIn 2011, Tullow launched anonline supplier centre toprovide all companies, butparticularly local suppliers,with the opportunity toregister their interest tobecome a supplier.Visit: www.tullowoil.com/supplier_centreWWW.TULLOWOIL.COMThis is our main corporate site. Key sectionsinclude our business, investors, media, corporateresponsibility and our people. There is alsoinformation on our major projects and links to ourother websites. Site tools include alert services,social media, and a mobile site. My Tullow is afacility where you can customise the site to suityour preferences and information needs.WWW.TULLOWOIL.COM/REPORTSWe have a central hub for financial calendar eventssuch as results and the AGM and for our corporatereports. Results webcasts, presentations and factbooks are also available here.2011 Annual Report and AccountsVisit: www.tullowoil.com/ara2011E-communicationswithout any particular software requirement other thanthe software which is available on the Group’s website.communications, a donation is made to the eTreeinitiative run by Woodland Trust. You can registerfor email communication at:2011 Corporate Responsibility ReportOur 2011 Corporate Responsibility Report willbe published in June 2012. This will also beavailable online.Visit: www.tullowoil.com/reportswww.etreeuk.com/tullowoilplc180Tullow Oil plc 2011 Annual Report and Accounts
This report is printed on Heaven 42 which is FSC ® certified (thestandards for well-managed forests, considering environmental,social and economic issues). Heaven 42 is manufactured at a millthat is certified to the ISO14001 and EMAS environmental standards.Designed and produced by Black Sun PlcPrinted by Pureprint Group
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Production operators in the central
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2011 highlightsRECORD RESULTSIndust
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In Ghana, we have experienced techn
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More informationPageStrong organisa
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CLEARVISIONSPECIAL FEATURETO BE THE
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1Exploration& appraisal7Sharedprosp
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EXPLORATION& APPRAISALStrategic pri
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DELIVERING MATERIALPRODUCTIONGROWTH
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21www.tullowoil.com
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RISKMANAGEMENTStrategic priority: E
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MAINTAINING OURENTREPRENEURIALCHARA
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SHAREDPROSPERITYStrategic priority:
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DELIVERINGSUBSTANTIAL RETURNSOur st
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Key Performance Indicators continue
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Financial reviewFUNDING FUTURE GROW
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Financial review continued2011 Grou
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Financial review continuedDividendT
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Regional business management unitsI
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LONG-TERMPERFORMANCE RISKSWe group
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1Operational risk continuedKey deve
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482011 operations overviewOverall,
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2OPERATIONS REVIEWEurope,South Amer
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DEVELOPMENT & OPERATIONSA new scale
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Senior DrillingSupervisor withtrain
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Mauritania & SenegalProduction from
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periods for Kasamene, Wahrindi, Kig
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2West African and South American ex
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62Creating shared prosperityCreatin
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More informationPageSpecial feature
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Social performance standardsWe are
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3The effect of Uncontrolled Release
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3Future talent poolIn October 2011,
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3LOCAL CONTENTCreating real opportu
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3Key corporate responsibility polic
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76Chairman’s introductionAt Board
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4In order to provide the human and
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I am delighted to have taken on the
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Board of DirectorsEXPERIENCED LEADE
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4CORPORATE GOVERNANCEAnn GrantNon-e
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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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CONTENTS89 Introduction89 Remunerat
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Directors’ remuneration report co
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Corporate governanceThe UK Corporat
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Corporate governance continuedThe f
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Corporate governance continuedAccou
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Other statutory informationResults
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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 Reportto th
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Group balance sheetAs at 31 Decembe
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Group cash flow statementYear ended
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The principal accounting policies a
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5Finance costs of debt are allocate
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5Commercial reserves estimates (not
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5Note 2. Business combinationsOn 24
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5Europe,South Americaand Asia$mWest
Page 131 and 132: 5Non-current assets by originGhana
Page 133 and 134: 5Note 6. Staff costsThe average mon
Page 135 and 136: 5The Group’s profit before taxati
Page 137 and 138: 5Note 12. Property, plant and equip
Page 139 and 140: 5Note 13. Investments2011$m2010$m20
Page 141 and 142: 5Note 18. Trade and other payablesC
Page 143 and 144: 5The $3.5 billion Reserves Based Le
Page 145 and 146: 5Note 20. Financial instrumentsFina
Page 147 and 148: 5Oil and gas pricesThe Group uses a
Page 149 and 150: 5Financial derivativesThe Group int
Page 151 and 152: 5Deferred tax assets are recognised
Page 153 and 154: 5Note 27. Share-based payments2005
Page 155 and 156: 5UK & Irish Share Incentive Plans (
Page 157 and 158: Independent Auditor’s Reportto th
Page 159 and 160: Company balance sheetAs at 31 Decem
Page 161 and 162: Notes to the Company financial stat
Page 163 and 164: 5Note 6. Bank loansCurrentShort-ter
Page 165 and 166: 5Note 9. Shareholders’ fundsShare
Page 167 and 168: 2010 Share Option Plan (2010 SOP) a
Page 169 and 170: 5Note 13. Subsequent eventsSince th
Page 171 and 172: Commercial reserves and contingent
Page 173 and 174: Area TullowLicenceFieldssq km inter
Page 175 and 176: Licence / BlocksFieldsAreasq kmTull
Page 177 and 178: ContactsSecretary & registered offi
Page 179 and 180: KKenya 6, 7, 57Key financial metric
Page 181: MmmbblmmboemmscfdMoUMTMMillion barr
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