Tullow Oil plc Annual Report 2011 - The Group

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Tullow Oil plc9 Chiswick Park566 Chiswick High RoadLondon W4 5XTUnited KingdomTel: +44 (0)20 3249 9000Fax: +44 (0)20 3249 8801Email: info@tullowoil.comWebsite: www.tullowoil.com
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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$mWest
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5Non-current assets by originGhana
Page 133 and 134: 5Note 6. Staff costsThe average mon
Page 135 and 136: 5The Group’s profit before taxati
Page 137 and 138: 5Note 12. Property, plant and equip
Page 139 and 140: 5Note 13. Investments2011$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 and 182: MmmbblmmboemmscfdMoUMTMMillion barr
Page 183: This report is printed on Heaven 42
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Tullow Oil plc Annual Report 2011 - The Group

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