Tullow Oil plc Annual Report 2011 - The Group

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PROTECTINGPEOPLE, THE ENVIRONMENT& THE BUSINESS22Tullow Oil plc 2011 Annual Report and Accounts: Special feature
RISKMANAGEMENTStrategic priority: Ensure safe people,procedures and operations and minimiseenvironmental impacts.The oil and gas industry is inherently high risk. Itcombines a complex set of technical risks in findingresources and monetising them over a long timehorizon. Operations encompass a wide range ofnon-technical risks such as the environment, healthand safety, reputation management, political risk andbribery and corruption. Activities are capital intensivewith no guarantee of success, creating significantfinancial exposure. This is counterbalanced with theneed to achieve substantial financial returns, both toinvest for the future growth of the business and todeliver returns to shareholders. By its nature oil andgas is a dynamic industry which often operates in afluid geopolitical and social environment.Risk management is a critical business function.Understanding the risks and opportunities weface shapes our decisions. To enhance our riskmanagement process, Tullow has developed anintegrated ‘evergreen’ portfolio management tool.23www.tullowoil.com
Page 4 and 5: Production operators in the central
Page 6: 2011 highlightsRECORD RESULTSIndust
Page 11 and 12: In Ghana, we have experienced techn
Page 13 and 14: More informationPageStrong organisa
Page 15 and 16: CLEARVISIONSPECIAL FEATURETO BE THE
Page 17 and 18: 1Exploration& appraisal7Sharedprosp
Page 19 and 20: EXPLORATION& APPRAISALStrategic pri
Page 21 and 22: DELIVERING MATERIALPRODUCTIONGROWTH
Page 23: 21www.tullowoil.com
Page 28 and 29: MAINTAINING OURENTREPRENEURIALCHARA
Page 30 and 31: SHAREDPROSPERITYStrategic priority:
Page 32 and 33: DELIVERINGSUBSTANTIAL RETURNSOur st
Page 34 and 35: Key Performance Indicators continue
Page 36 and 37: Financial reviewFUNDING FUTURE GROW
Page 38 and 39: Financial review continued2011 Grou
Page 40 and 41: Financial review continuedDividendT
Page 43 and 44: Regional business management unitsI
Page 45 and 46: LONG-TERMPERFORMANCE RISKSWe group
Page 47 and 48: 1Operational risk continuedKey deve
Page 49 and 50: 482011 operations overviewOverall,
Page 51 and 52: 2OPERATIONS REVIEWEurope,South Amer
Page 53 and 54: DEVELOPMENT & OPERATIONSA new scale
Page 55 and 56: Senior DrillingSupervisor withtrain
Page 57 and 58: Mauritania & SenegalProduction from
Page 59 and 60: periods for Kasamene, Wahrindi, Kig
Page 61 and 62: 2West African and South American ex
Page 63 and 64: 62Creating shared prosperityCreatin
Page 65 and 66: More informationPageSpecial feature
Page 67 and 68: Social performance standardsWe are
Page 69 and 70: 3The effect of Uncontrolled Release
Page 71 and 72: 3Future talent poolIn October 2011,
Page 73 and 74: 3LOCAL CONTENTCreating real opportu
Page 75 and 76:
3Key corporate responsibility polic
Page 77 and 78:
76Chairman’s introductionAt Board
Page 79 and 80:
4In order to provide the human and
Page 81 and 82:
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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Page 100 and 101:
Page 102 and 103:
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
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 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$mWest
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5Non-current assets by originGhana
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5Note 6. Staff costsThe average mon
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5The Group’s profit before taxati
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5Note 12. Property, plant and equip
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5Note 13. Investments2011$m2010$m20
Page 141 and 142:
5Note 18. Trade and other payablesC
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5The $3.5 billion Reserves Based Le
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5Note 20. Financial instrumentsFina
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5Oil and gas pricesThe Group uses a
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5Financial derivativesThe Group int
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5Deferred tax assets are recognised
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5Note 27. Share-based payments2005
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5UK & Irish Share Incentive Plans (
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Independent Auditor’s Reportto th
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Company balance sheetAs at 31 Decem
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Notes to the Company financial stat
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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
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Commercial reserves and contingent
Page 173 and 174:
Area TullowLicenceFieldssq km inter
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Licence / BlocksFieldsAreasq kmTull
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ContactsSecretary & registered offi
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KKenya 6, 7, 57Key financial metric
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MmmbblmmboemmscfdMoUMTMMillion barr
Page 183 and 184:
This report is printed on Heaven 42
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